Bitcoin Surges to $65K While Solana and Shiba Inu Gain 6% Daily

Bitcoin’s positive momentum continued into the weekend, propelling the asset to $65,000 for the first time since August 3, while several altcoins, including Solana and Shiba Inu, also posted significant daily gains.

BTC on the $65K Road

The close of this business week was markedly different from the previous one, where Bitcoin saw a significant drop to $56,000 on Thursday before recovering some ground on Friday and over the weekend. The new week began with a slight retracement, with BTC falling from $60,000 to $58,000.

However, the bulls stepped in to halt any further decline, leading to a relatively uneventful week until Friday evening. Positive news from the US, particularly Fed Chair Jerome Powell’s announcement of plans to start reducing interest rates, sparked a strong rally in Bitcoin’s price.

In just a few hours, Bitcoin surged from slightly above $60,000 to $64,000. Following a brief correction, the asset continued its upward momentum, reaching $65,000 for the first time in over three weeks.

Although BTC has pulled back by around $800 since its peak, it remains 5% up on the day, trading above $64,000. Its market capitalization has climbed to $1.270 trillion, and its dominance over altcoins has increased to 53.8%.

SOL and SHIB Rise

Most altcoins are also seeing positive movements today. Ethereum has risen by more than 3% in the last 24 hours, positioning itself above $2,760. Other major cryptocurrencies such as Ripple, Toncoin, Dogecoin, Tron, Cardano, Avalanche, Bitcoin Cash, and Polkadot have also posted gains of up to 5%.

Among the larger-cap altcoins, Solana and Shiba Inu are the top performers, each rising by approximately 6%. This surge has pushed Solana’s price to over $150, while Shiba Inu has climbed back to $0.000015.

Further gains in the top 100 altcoins include SATS, which has soared by 25%, followed by FET with a 19% increase, and SUI with a 15% rise. Other notable gainers include WIF (15%), SEI (13%), and PEPE (12%).

The overall cryptocurrency market capitalization has increased by approximately $100 billion since yesterday, bringing it to $2.360 trillion.