SHIB Hits 3-Month High as BTC Reaches $66.5K This Weekend

Bitcoin responded positively to the recent US inflation report, surging past $66,500 for the first time in almost two months, before experiencing a slight pullback.

Multiple altcoins have also shown notable increases over the past day, particularly within the meme coin sector.

BTC Reached $66.5K

The trading week kicked off favorably for bitcoin, which had gained traction following the US Fed’s interest rate cut on September 18. The cryptocurrency was priced at $63,000 over the weekend and climbed above $64,500 on Monday.

However, it struggled to hold onto that level initially, and despite climbing back up, the bears took charge on Thursday, driving it down to $62,700 (on Bitstamp).

Nonetheless, the evident bullish trend could not be suppressed, and the cryptocurrency shifted its course once more. This culminated last evening when the asset reached $66,500 for the first time since August 1, following optimistic inflation data from the US.

While it has retraced slightly and now hovers just under $66,000, its market capitalization remains above $1.3 trillion on CG. Additionally, its dominance over altcoins has increased marginally to 53.8%.

SHIB, PEPE Soar Once More

This week has belonged to the meme coins, especially in recent days. Shiba Inu has shown remarkable performance, increasing by another 6% over the last 24 hours. Additionally, the second-largest meme coin approached $0.000022 earlier today for the first time in over three months. SHIB has risen 42% over the week.

PEPE is also notable, with a 6.5% rise since yesterday and a total increase of 36% since last Saturday. Other meme coin representatives seeing substantial gains include WIF, BONK, and FLOKI.

Ripple and Toncoin are also performing well among larger-cap altcoins today, alongside BNB, ETH, DOGE, and TRX, although to a lesser extent.

The total market capitalization of all cryptocurrency assets has seen a slight uptick since yesterday, now exceeding $2.420 trillion.