Bitcoin and Altcoins: A Week of Gains
Bitcoin Reacts Positively to Inflation Data
Bitcoin reacted well to the Friday US inflation data, jumping above $66,500 for the first time in nearly two months, before retracing slightly. The cryptocurrency stood at $63,000 during the weekend and jumped past $64,500 on Monday.
Altcoins Experience Impressive Gains
Several altcoins have produced impressive gains over the past day, led by the meme coin realm. Shiba Inu emerged as the top performer, soaring by another 6% in the past 24 hours and 42% on a weekly scale.
BTC Touched $66.5K
The business week started on a high note for bitcoin, which had already gained some traction after the US Fed’s rate cut on September 18. However, it failed to maintain its position at first, and even though it jumped to that level again, the bears took control on Thursday and pushed it south to $62,700 (on Bitstamp).
Nevertheless, the apparent bullish run couldn’t be contained, and the cryptocurrency reversed its trajectory once again. This culminated yesterday evening when the asset soared to $66,500 for the first time since August 1. This came after positive inflation news from the US.
Although it has lost some traction since then and now sits inches below $66,000, its market capitalization remained above $1.3 trillion on CG. Its dominance over the altcoins has also increased slightly to 53.8%.
SHIB, PEPE, and Other Meme Coins Soar
The week belongs to the meme coins, especially the past few days. SHIB is up by 6% in the past 24 hours and 42% on a weekly scale. PEPE is another notable gainer, having surged by 6.5% since yesterday and 36% since last Saturday. Other reps of the meme coins niche with massive gains include WIF, BONK, and FLOKI.
Larger-Cap Altcoins in the Green
Ripple and Toncoin are also in the green on a daily scale from the larger-cap alts, and so are BNB, ETH, DOGE, and TRX, albeit in a more modest fashion.
Cryptocurrency Market Overview
The cumulative market cap of all crypto assets has increased slightly since yesterday and is above $2.420 trillion now.
Conclusion
In conclusion, the cryptocurrency market has experienced a week of gains, with Bitcoin and altcoins performing well. The market is expected to continue its upward trend, driven by positive inflation data and growing interest in meme coins.
FAQs
Q: What is the current market capitalization of Bitcoin?
A: The current market capitalization of Bitcoin is above $1.3 trillion on CG.
Q: Which altcoin has experienced the most significant gain?
A: Shiba Inu has experienced the most significant gain, soaring by 6% in the past 24 hours and 42% on a weekly scale.
Q: What is the current dominance of Bitcoin over altcoins?
A: Bitcoin’s dominance over altcoins has increased slightly to 53.8%.
Q: Which larger-cap altcoins are in the green?
A: Ripple, Toncoin, BNB, ETH, DOGE, and TRX are all in the green on a daily scale from the larger-cap alts.
Q: What is the cumulative market cap of all crypto assets?
A: The cumulative market cap of all crypto assets is above $2.420 trillion now.
Q: Will the market continue its upward trend?
A: Yes, the market is expected to continue its upward trend, driven by positive inflation data and growing interest in meme coins.
