Shiba Inu (SHIB) Price Soars to 3-Month High, Bitcoin (BTC) Hits $66.5K (Weekend Watch)

Bitcoin reacted well to Friday’s US inflation data, jumping above $66,500 for the first time in nearly two months, before retreating slightly.

Several altcoins have also produced impressive gains over the past day, led by the realm of meme coins.

BTC touched $66.5 thousand

The business week started on a good note for bitcoin, which had already gained strength following the US Fed’s September 18 rate cut. The cryptocurrency stood at $63,000 over the weekend and surpassed $64,500 on Monday.

However, it failed to hold its position at first, and although it bounced back to this level, the bears took control on Thursday and pushed it south to $62,700 (on Bitstamp).

However, the apparent bullish trend could not be contained and the cryptocurrency reversed its trajectory again. That culminated yesterday evening when the asset soared to $66,500 for the first time since August 1. This came after positive news on US inflation.

While it has lost some traction since then and now sits inches below $66,000, its market cap remained above $1.3 trillion at CG. Its dominance over altcoins has also increased slightly to 53.8%.

Bitcoin/Price/Chart 09/28/2024. Source: TradingView SHIB, PEPE Jump Again

The week belongs to the coins themselves, especially the last few days. Shiba Inu emerged as the best performer on some occasions and has shot up 6% in the last 24 hours. Additionally, the second largest meme coin approached $0.000022 today for the first time in over three months. SHIB is up 42% on a weekly basis.

PEPE is another notable riser, up 6.5% since yesterday and 36% since last Saturday. Other representatives of the meme coin niche with massive earnings include WIF, BONK and FLOKI.

Ripple and Toncoin are also in the green on the daily scale of the largest cap highs, and so are BNB, ETH, DOGE and TRX, albeit more modestly.

The cumulative market capitalization of all crypto assets has increased slightly since yesterday and now exceeds $2.420 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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