Shiba Inu Explodes 11%, Bitcoin Stalls at $23K (Weekend Watch)

After the US Federal Reserve’s latest interest rate increase, Bitcoin became quite volatile. This ultimately led to Bitcoin reaching a 5-month high. The asset has stabilized at $23,000 since then.

Many altcoins outperformed it over the last 24 hours, including Shiba Inu which has surged by double digits.

Bitcoin drops to $23K

BTC lost some ground in January but closed it strongly in the green. It posted its best month since October 2021, with gains of approximately 40%. The cryptocurrency was below $23,000 in February’s start.

On February 1, all eyes were on Federal Reserve when it held its first FOMC meeting. It raised key interest rates 25 basis points. Bitcoin did not react to previous hikes and plummeted to $22,800 afterward.

The bulls responded and drove the asset north, increasing its value by over $1,500 and reaching its highest price since mid-August.

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BTC, despite another unsuccessful attempt to overcome $24,000, failed to climb higher and plummeted to $23,000, where is currently located.

Although its market cap remains at $450 billion, its dominance over other alts has fallen by more than 1% over the past week to 41.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB takes the Main Stage

The Shiba Inu has led the charge for altcoins posting more impressive gains over the last 24 hours. The second-largest cryptocurrency has seen a 11% increase in daily trading and has reached $0.000014. OKB is next, at $41 after a 5% surge.

Polygon’s native cryptocurrency has risen by 3.5% to just over $1.2. Binance Coin and Ethereum are slightly in the red. Ripple, which has a 1% daily decrease, is one of the few exceptions to the larger caps.

However, the total market cap for all crypto assets has increased by $10 billion per day and now stands at $1.080 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.