This week we saw an influx of memecoins taking center stage in the cryptocurrency market all led by ShibaInu (SHIB)
Cryptocurrency is booming, led by the Shiba Inu coin
This week we saw an influx of memecoins taking center stage in the cryptocurrency market all led by ShibaInu (SHIB), meanwhile, Ethereum hit a new peak, while Bitcoin dropped slightly below the $60,000 level.
The total cryptocurrency market cap is up $100 billion a day, as Bitcoin looks to hit $60,000 again and Ethereum is trading above $4,000.
After yesterday's massive price drop, the leading cryptocurrency rebounded and recovered well over $1,000, most cryptocurrencies tend to turn a bit green today, with Dogecoin outperforming the rest with a massive double-digit price hike.
There are no dull days in the crypto market, this week was the ultimate proof of that, so let's start with Bitcoin:
Bitcoin is trading around $60000
At the end of last week, there were already some signs of hesitation in the bitcoin price which was close to $60,000 as of Sunday, though, and investors stepped in and pushed the price to $64,000 during Wednesday's trading where it held for about a day, and then we witnessed Two successive declines, which led to the price testing support around $58,000, but the cryptocurrency managed to recover to rise to around $61,000 where it is currently trading, and as a result, the market cap of the asset regained $1.1 trillion, but the dominance of altcoins fell to 44.5% Having touched 47% days ago.
The current decline in the bitcoin price is healthy for the market structure and makes the uptrend more sustainable, stocks continue to rise, which gives more advantages to the resumption of risky trading, especially since the dollar is still in a downtrend, money is flowing from long-term bonds and turning into fraught assets at risk.
performance of other cryptocurrencies
Ethereum is the other cryptocurrency taking center stage today, as the price finally managed to break its previous all-time high, peaking at around $4,400.
All of the above pales in comparison to what memecoin and specifically the ShibaInu (SHIB) coin that everyone is talking about now has increased by another 1,60% over the past seven days and flipped Dogecoin in terms of total market capitalization, the cryptocurrency has now gone up over 100,000,000% in 2021, which means that a $1 investment will now be $1 million.
Tesla, the world's electric car giant, has indicated that it will reconsider accepting payments in bitcoin and digital currencies for its cars, as the quarterly report submitted to the US Securities and Exchange Commission said that it is likely to reconsider accepting payments in the leading digital currency.
It is worth noting that over the nine months that ended in September, the company purchased Bitcoin for an estimated $1.5 billion. They are reusing digital currencies as a means of payment for their products in the future.
Tesla is the second largest company to own the bitcoin, while MicroStrategy ranks first in owning the leading currency, with about 114,000 bitcoins, currently valued at about $7.4 billion.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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