Bitcoin price continues to rise while altcoins such as cardano and xrp are bleeding a lot, shiba inu is still rising hard

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The bitcoin (BTC) season seems to have started. The mother of all cryptocurrencies continues to rise while almost all altcoin prices are in the red today. Total market cap came in at $2.45 trillion yesterday afternoon, getting closer to the all time high (ATH) from May this year, but has since fallen back to $2.4 trillion.

Bitcoin

Bitcoin (BTC) briefly touched $57,000 yesterday morning, but the price then dipped back to $56,000. In the afternoon, bitcoin suddenly skyrocketed to around $57,650. Bitcoin gradually corrected slightly lower for the rest of the day. Bitcoin briefly touched $56,450 this morning, but then bounced back up to $58,000, its highest since May 10.

It was to be expected that the resistance was not immediately broken through here. This $58,000 has also provided quite a bit of resistance in the first quarter of this year on several occasions. Despite this, bitcoin continues to be in an uptrend and this increase is even starting to accelerate. Bitcoin’s dominance is also rising, reaching 45% today.

+88% in 82 days is just the beginning#BTC #Bitcoin pic.twitter.com/hhYwBcBfOt

— Gaah (@gaah_im) October 12, 2021

The market is also somewhat tense over the approval of a bitcoin futures exchange traded fund (ETF) by the US Securities and Exchange Commission (SEC) and how this will affect the price.

altcoins

Ethereum (ETH) seemed to hold up around USD 3,600 yesterday, but towards the evening the price plunged quite a bit. Ether briefly broke out at $3,450 this morning, then bounced back to $3,550. At the time of writing, ether appears to be still holding at $3,500, but it remains to be seen whether it will succeed. Despite this, ether today is holding up better than most altcoins.

Cardano (ADA) failed to recover yesterday and then entered a downtrend. The price has lost more than 5.5% in the past 24 hours and stands at $2.11 this morning. We also see a similar trend with binance coin (BNB), ripple (XRP), solana (SOL), polkadot (DOT) and dogecoin (DOGE). Almost all top 10 altcoins show a similar price movement in the past 24 hours and are about 5 to 6% down today.

However, we see many altcoins in the top 100 even deeper in the red. Enjin (ENJ), chiliz (CHZ), vechain (VET), bittorrent (BTT), zilliqa (ZIL), decred (DCR), avalanche (AVAX) and flow (FLOW) are all down around 8%. Internet computer (ICP), algorand (ALGO), celo (CELO), theta (THETA) harmony (ONE) and thorchain (RUNE) are even about 9 to 10 % in the red. Iota (MIOTA) and arweave (AR) lose as much as 12% of their value today.

However, there are still some exceptions on the market. Fantom (FTM) continues to climb and is up 4% today and even 55% this week. Waves (WAVES) made a huge jump this morning and is up 12%.

Shiba Inu (SHIB) is once again the fastest riser in the crypto market. The SHIB price shot up sharply yesterday, reaching a peak around $0.0000317 by late afternoon. SHIB then corrected slightly downwards again, but at the time of writing, the price is already approaching this peak. This means that shiba inu is again 15% in the plus today and no less than 350% compared to two weeks ago.


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