SHIB SOARS 65%, DOGE RISES 20% IN CRYPTO RALLY 

The cryptocurrency market spotlight has recently been on the two most prominent meme coins, as they lead the pack with significant price increases.

Following a week where Bitcoin saw its value surge by over $10,000, it has now stabilized at approximately $62,000. Meanwhile, altcoins have kicked off a bullish trend again, showcasing substantial gains, including notable rises in DOGE, SHIB, BCH, UNI, ADA, among others.

Is an Altcoin Season on the Horizon?

Recent speculations suggest that altcoins, which have recently lagged behind Bitcoin, could be on the brink of a significant price surge, potentially kick-starting a new altcoin season. This forecast seems to have begun to come true in the last day, at least for some altcoins.

Several altcoins like Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple have recorded remarkable gains, with daily increases ranging from 6% to 10%.

However, the standout performers are the largest meme coins by market cap. DOGE has risen by 20% to nearly $0.15, whereas SHIB has seen a nearly 70% increase, now trading above $0.000021.

Bitcoin Cash also saw a notable increase, adding over 25% to its value and now trading around $400. Other significant altcoins like UNI and ETC have experienced double-digit increases.

As a result, the dominance of Bitcoin over the altcoin market has diminished. This metric, which recently reached a two-month high of nearly 51%, has dropped to just under 50%, according to CoinGecko.

The overall cryptocurrency market capitalization is hovering around $2.5 trillion.

Bitcoin’s Journey to $62K

Bitcoin itself has had an eventful week, beginning on Monday after a calm weekend where it stayed at $51,000. The price surged by several thousand dollars thanks to bullish momentum.

By the middle of the week, Bitcoin was close to breaching the $60,000 mark. After a short pause, it broke through, reaching a 26-month high of $64,000. However, it then faced a sharp pullback, losing over $5,000 in value before quickly regaining most of these losses. Since then, Bitcoin’s price has somewhat plateaued at around $62,000.

Despite a slight dip in market dominance, Bitcoin’s market capitalization remains well over $1.2 trillion.

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