The crypto market is seeing green again, with BTC just shy of $44,000. Dogecoin and Shiba Inu stole the day with remarkable 13 percent gains.
Bitcoin attempted to retake $44,000 decisively but failed and currently lies just below it. Most cryptocurrencies saw greater increases, with the two biggest memecoins topping the field. On a daily basis, both Dogecoin and Shiba Inu are up roughly 13%.
The New Weekly High for Bitcoin
Last week ended on a gloomy note, with bitcoin falling from $48,000 to about $41,000 in a matter of days. The situation deteriorated further on Monday, when the cryptocurrency plummeted below $40,000 for the first time since September in yet another wild swing south.
However, it instantly rebounded off and regained more than $2,000 in value in hours. As previously reported, Bitcoin (BTC) continued to rise and momentarily hit $44,000 after the United States revealed the highest inflation rate figures in 40 years.
Following a minor pullback, BTC surged past $44,000 and reached $44,250, its highest price since the slump began last Wednesday.
However, as of today, the asset has failed to stay north of that line and is currently just short of it. Nonetheless, its market capitalization exceeds $800 billion.
DOGE and SHIB are on the Rise
Altcoins have also fallen significantly in the last week or two, but are presently mostly in the green. On Monday, Ethereum fell below $3,000, but it responded quickly and began to regain value.
The second-largest cryptocurrency is currently worth more over $3,350, after a 3% growth since yesterday. Binance Coin has gained a similar proportion and is now trading over $480. Ripple, Polkadot, Avalanche, MATIC, Chainlink, and CRO all have similar benefits.
Solana, Cardano, and Terra are up by more remarkable margins – between 6% and 8% – but the two largest memecoins are the biggest gainers.
Dogecoin has increased by more than 13 percent to over $0.17, while Shiba Inu has increased by about 13 percent to $0.000032.
On Monday, the crypto market value reached a low of little more than $1.850 trillion. However, it has risen by more than $200 billion since then, and it presently stands just short of $2.1 trillion.