Bitcoin hit a new high since May, nearing $56K. Meanwhile, SHIB corrected by almost 30% in one day.

Bitcoin finally rose towards $56K after the monthly peaks and impressive gains over the last few days. However, most alts remain somewhat inactive at the moment, with few exceptions. SHIB slumped 30% over the past day after the recent explosive upticks.

BTC Neared $56K

Bitcoin battled under $45,000 approximately one week ago. That was after the asset rose from its latest plummet beneath $41,000. However, BTC revived its situation within no time, increasing its value gradually, though a frequent thing in the cryptocurrency market.

Bitcoin hit its monthly high at $50,000. Though with few rejections, the asset managed to overpower the level following a decisive close. Unlike the September actions, Bitcoin kept its upsurges this time.

The positive movements had the world’s largest crypto nearing $56,000 – its peak highs since May. Though market players still debate the possible causes of the impressive rise, the asset surged by 35% in about seven days.

Meanwhile, bears attempted to join at this level, pushing the asset southwards under $54,000. However, their weak actions failed to take the crypto lower, and instead, BTC surged again to touch $56,000 some minutes ago.

For now, Bitcoin’s market cap hovers well past the $1 trillion level as its market dominance briefly surged once more.

Altcoins Stalling – SHIB Dumps

The altcoins followed BTC in a quest to attain monthly highs. However, most of them have been stagnant since yesterday. Ethereum was among the assets that recorded impressive gains following its drop under $3,000. However, it climbed to price levels around $3,600, translating to an over 20% surge in almost one week.

Chainlink, Uniswap, Dogecoin, Ripple, Binance Coin, and Cardano recorded slight losses over the previous 24 hours. At the same time, Avalanche, Polkadot, and Solana trade somehow in the green area.

Terra gained the most, surging 7% to $47. With that, LUNA seems close to hitting new ATHs. Meanwhile, Fantom leads the gainers in the mid-and lower-cap tokens with its 30% upswing. Others that follow are Elrond (10%), Chiliz (11%), Yearn Finance (11%), Harmony (12%), Bitcoin SV (18%), and Mdex (21%). Contrarily, SHIB plunged by 30% after consecutive surges and high trading volumes.