In the recent cryptocurrency market surge, Dogecoin (DOGE) and Shiba Inu (SHIB) have posted remarkable gains, outperforming many other digital assets. Bitcoin has found stability after a period of significant fluctuations, now trading slightly above the $67,000 mark. This shift in Bitcoin’s behavior has set the stage for other high-volume altcoins like Binance Coin (BNB) and Ethereum to achieve multi-year highs, narrowing the gap with Bitcoin’s market dominance.
Bitcoin’s Steady Position Spurs Altcoin Activity
Bitcoin, after a particularly strong week that saw its value increase by over $10,000, halted its upward trend over a weekend but continued its ascent soon after. Community expectations were high for it to surpass its all-time high of $69,000. Despite reaching a new high of $69,300, Bitcoin couldn’t maintain its upward momentum and underwent a $10,000 correction, resulting in a significant loss of market liquidity.
Following this drop, Bitcoin managed a swift comeback, rebounding back to the $67,000 level by March 6th. Its market value has stayed above $1.3 trillion, yet its influence in the cryptocurrency market has slightly decreased with altcoins gaining ground.
Altcoins Witness Substantial Gains
Ethereum has seen an uptrend over the recent weeks, achieving a price close to $4,000, a figure last witnessed approximately two years ago. BNB followed closely and, with an 8% daily uplift, achieved its highest value of $470 since January 2022.
Meme coins like Dogecoin and Shiba Inu have also recovered from recent losses, with DOGE climbing above $0.16 and SHIB trading at $0.000034. Other large-volume altcoins such as Bitcoin Cash (BCH), Ethereum Classic (ETC), ARB, and TIA have been experiencing a surge. The total value of the cryptocurrency market has expanded by more than $40 billion overnight, approaching a total of $2.7 trillion as per CoinGecko’s data.