Shiba Inu’s (SHIB) Price Shot Up to 3-Month High, Bitcoin (BTC) Touched $66.5K (Weekend Watch)

Bitcoin reacted well to the Friday US inflation data and jumped above $66,500 for the first time in nearly two months, before retracing slightly.

Several altcoins have produced impressive gains over the past day as well, led by the meme coin realm.

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. The cryptocurrency stood at $63,000 during the weekend and jumped past $64,500 on Monday.

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%.

Bitcoin/Price/Chart 28.09.2024. Source: TradingView

SHIB, PEPE Jump Again

The week belongs to the meme coins, especially the past few days. Shiba Inu emerged as the top performer on a few occasions and has soared by another 6% in the past 24 hours. Moreover, the second-largest meme coin neared $0.000022 earlier today for the first time in over three months. SHIB is up by 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.

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.

The cumulative market cap of all crypto assets has increased slightly since yesterday and is above $2.420 trillion now.

Cryptocurrency Market Overview. Source: QuantifyCrypto