Bitcoin prices surged on Sunday, reaching $25,000 for the first time in over two months. The rally was led by Shiba Inu, the meme-based cryptocurrency that has soared 15% in the last 24 hours.
Bitcoin went on the offensive once more and tapped $25,000 for the first time since mid-June. Bitcoin’s recent rally has been attributed to a number of factors, including institutional investment, increased mainstream interest, and a weak US dollar.
The Shiba Inu token has also been on the rise, surged 15% in the past 24 hours. Shiba Inu is a meme-based cryptocurrency that was created as a way to satirize Dogecoin. However, the token has gained a following of its own and is now one of the top 20 cryptocurrencies by market capitalization.
Bitcoin Touched $25K
Whether it’s indeed on hype regarding the upcoming Merge, as JPM claimed, the crypto market has been on an uptrend in the past week or so, evident from BTC’s price movements.
The most impressive surge came on August 10 when the asset jumped from $23,000 to over $24,000 following the latest CPI data from the US.
It kept going and marked a multi-month high above $24,800 later that day. A brief retracement followed that pushed it down to $23,500, but the bulls came back to play rather immediately.
As a result, BTC neared $25,000 yesterday once again. It failed there at first and dipped by a few hundred dollars but went on the offensive earlier today and spiked above that coveted line for the first time in over two months.
As of now, it has been unable to overcome that level decisively and BTC trades just under it. However, its market cap has surged past $470 billion, and its dominance over the alts has taken a breather and is at over 40.5%.
Shiba Inu Steals the Show
The alternative coins went through impressive gains yesterday as well, and are slightly in the green today.
Ethereum marked a 74-day high above $2,000 yesterday. It dipped below that line in the following hours but now stands just above it following a minor daily increase.
BNB, Ripple, Solana, Polkadot, and Avalanche are with insignificant gains as well now. Cardano, Dogecoin, and MATIC are up by about 5%.
Shiba Inu, though, has surged the most from the larger-cap alts. SHIB is up by more than 15% in a day and trades at $0.000015.
Overall, the crypto market cap has added a few more billions in a day and touched $1.2 trillion earlier today.
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