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The crypto market’s two biggest meme coin projects, DOGE and SHIB, continued their impressive daily gains in the latest bull run. After several days of high volatility, Bitcoin finally settled down and is now trading just above the $67,000 level. This situation provided opportunities for some major high-volume altcoins to close the gap with both BNB and Ethereum reaching multi-year highs.
Latest Developments on the Bitcoin Front
Bitcoin had an extremely positive week, gaining over $10,000 in value. It paused over the previous weekend but resumed its rise on March 4th, with the community sentiment suggesting that an all-time high of $69,000 was within reach soon.
Indeed, on the afternoon of March 5th, the bulls took control and initiated another impressive rally, with Bitcoin reaching a new peak of $69,300. However, the landscape changed rapidly and violently at this point. Instead of climbing further, Bitcoin encountered resistance at these levels and lost about $10,000 in value within hours, leaving billions of dollars in liquidity.
Bitcoin underwent a rapid recovery process after falling below $60,000 and returned to $67,000 by March 6th. Since then, the asset has not made any significant moves in either direction and is currently sitting just above this line. Bitcoin’s market value remains over $1.3 trillion, but its dominance over altcoins has receded to 49.2% on CoinGecko.
What’s Happening in the Altcoin Market?
Ethereum, has been performing well for the past few weeks, gradually rising to nearly $4,000. The second-largest crypto asset was last at this level about two years ago. BNB, the third-largest crypto project, was in pursuit until recently, but a daily increase of 8% has driven it to its highest price tag of $470 since January 2022.
Dogecoin recovered most of its losses on March 7th and is once again sitting above $0.16. SHIB did the same and is trading at $0.000034. BCH, ETC, ARB, and TIA are also on the rise among large-volume altcoin projects. The total crypto market value increased by over $40 billion overnight and is now approaching $2.7 trillion on CoinGecko.
