Bitcoin's Surge and Market Dominance
On Tuesday, Bitcoin soared past $28,000 in its largest short squeeze of the month, nearing $29,000. The BTC/USD pair recorded an 8% gain in 24 hours, peaking at $28,995 on Wednesday, with trading volume surging 146% to $2.637 billion.
At press time, Bitcoin traded at $28,960, boasting a 74% year-to-date (YTD) increase. "All eyes are now on the $30,000 threshold. Historically, few holders bought at these price levels, implying minimal resistance," noted IntoTheBlock.
Ether also rose by 5%, though its YTD gain of 51% paled compared to Bitcoin. The total crypto market cap reached $1.178 trillion after a 5.9% spike, with Bitcoin’s dominance crossing 50%—a trend fueled by heightened U.S. regulatory scrutiny since FTX’s collapse in November 2022.
Michael Saylor, MicroStrategy co-founder and Bitcoin bull, predicted Bitcoin’s dominance would exceed 80% as SEC pressure "erases" stablecoins and altcoins, citing market "chaos" caused by thousands of speculative tokens.
Key Drivers of Bitcoin’s Rally
- Spot ETF Applications: BlackRock’s $9T AUM-backed filing sparked optimism.
- Institutional Adoption: EDX Markets (backed by Schwab, Citadel, and Fidelity) launched BTC/ETH trading.
- Deutsche Bank: Applied for a German digital asset custody license.
- Rumors: Fidelity ($4.24T AUM) may file for a Bitcoin ETF or acquire Grayscale.
Short sellers lost $36.6M in 24 hours—the largest liquidation since June.
Meme Coins: SHIB’s Performance
Altcoins rallied as Bitcoin hit a 6-week high:
- Top Gainers: Flow (+25%), Bitcoin Cash (+21.2%), Stacks (+21%).
- Meme Coins: Collective cap rose 3% to $14.76B; PEPE (+14%), WSB (+30%), LADYS (+26%) led gains.
SHIB Price Action
- Current Price: $0.00000733 (+2.4% in 24h).
- Market Cap: $4.36B (17th-ranked crypto).
- 2023 Performance: Peaked at $0.00001473 in February, now down 8.88% YTD.
- ATH: $0.00008616 (Oct 2021)—91.4% below peak.
Token Metrics:
- 40.9% of circulating SHIB (18.58T tokens) returned to profitability.
- Burn rate spiked 730% in 24h (@Shibburn).
Shiba Inu Ecosystem
Beyond being a meme coin, SHIB powers:
- ShibaSwap: Decentralized exchange.
- Shibarium: Layer-2 solution (11M+ testnet transactions).
- Governance: BONE (250M cap) for DAO votes; LEASH (107,647 tokens) as a store of value.
👉 Explore Shiba Inu’s top utilities
FAQs
Q: What drives SHIB’s price?
A: Bitcoin’s momentum, burn rate, and Shibarium adoption are key factors.
Q: How does Shibarium benefit SHIB?
A: It reduces transaction fees and scales Ethereum-based SHIB transactions.
Q: Where can I buy SHIB securely?
👉 Top 6 exchanges for SHIB trading
Disclaimer: Prices are volatile—conduct independent research.