Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Maintains $68K (Market Watch)

The price of Bitcoin has been on a wild ride in the past few days, first heading north to over $70,000 before falling to $67,000 the next day.

Altcoins have recovered some of yesterday's losses, with most of them turning green. SHIB and WIF lead the pack in the coin world with massive double-digit increases.

BTC recovers and calms at $68k

The largest cryptocurrency by market cap saw a volatile five-day trading period last week following news surrounding the final approval of Ethereum spot ETFs by the US Securities and Exchange Commission. The asset initially rose to a multi-week peak of nearly $72,000, but fell below $66,500 on Thursday — just hours before actual approval from the SEC.

It regained some momentum on Friday and over the weekend as its price reached $69,000. It pulled back a bit on Monday before another rally took it past the $70,000 level for the first time in about a week.

However, the bulls failed to sustain this rally and Bitcoin fell hard yesterday to just over $67,000. However, Bitcoin rebounded and approached $69,000 again hours ago, but stopped there and is now above $68,000.

Its market capitalization is still under $1.350 trillion, but its dominance in altcoins took another minor hit and fell to 49.6%.

SHIB, WIF on a roll

Meme coins have been among the best performing currencies in the past 24 hours. SHIB is at the forefront of the massive rally, rising 15% overnight. Furthermore, SHIB has surpassed Cardano to become the #11 coin in terms of market cap, as previously reported.

WIF is another big gainer from companies with larger market caps. The asset rose 20% in one day and is now trading near $4.

SOL, TON, RNDR, and ATOM made slight gains from large-cap altcoins, while ETH fell 0.4% but is still trading above $3,800.

The total cryptocurrency market capitalization regained $35 billion overnight and exceeds $2.7 trillion on CG.