Bitcoin Dominates Ethereum, Dogecoin Gains And Shiba Inu Extends Eye-Popping Rally

Bitcoin BTC/USD continued its ascent on Wednesday night as the global cryptocurrency market capitalization touched $2.28 trillion, a rise of 2.38% over 24 hours.

What Happened: The apex coin rose 6.83% over 24 hours to $54,769.21. For the week, BTC has shot up 30%.

See Also: How To Buy Bitcoin (BTC)

Ethereum ETH/USD traded 0.4% higher at $3,541.14 over 24 hours. Over a seven-day trailing period, ETH has gained 21.62%.

Shiba Inu-themed Dogecoin DOGE/USD was down 2.39% at $0.245. Over the last seven days, DOGE has appreciated 22.35%.

SHIBA INU continued to extend gains, emerging as the top 24-hour gainer, as per CoinMarketCap data.

SHIB soared 67.39% over 24 hours to $0.00002971. Over the last seven days, the so-called DOGE-Killer has skyrocketed 320.73%.

Against major cryptocurrencies BTC and ETH, SHIB rose 58.12% and 68.19% respectively.

Why It Matters: Bitcoin received a boost after positive news that the U.S. Securities and Exchange Commission Chair Gary Gensler said that the regulator had no China-like plans to ban cryptocurrencies. 

See Also: ​​Jim Cramer Identifies 'Major Reason To Buy Bitcoin'

Analysts are expecting BTC to chart a fresh all-time high as its dominance relative to so-called altcoins rose to the current 45% from a low of 40% seen last month.

“There has been fresh spot buying activity in BTC, and looking at the price action we expect to see a fresh all-time high in the coming weeks,” said Pankaj Balani, reported CoinDesk.

“We also expect BTC to outperform altcoins and the money to rotate into BTC from alts going forward.”

Freddie Evans, Sales Trader at the United Kingdom-based digital asset broker GlobalBlock touched on a possible year-end BTC rally.

“Technical indicators are bullish, with analysts predicting a bull run to Christmas and some seeing $50,000 as a new support level,” Evans wrote in an emailed note.

Evans noted that BTC’s advance has been in contrast with other assets like gold and stocks which are having a “period of angst” over high inflation and slowing economic growth.

“This recent Bitcoin advance could be the repeat of history following the Chinese ban on crypto activities.”

An independent research firm, Delphi Digital, noted that dog coins are “all the rage” again in its latest market update.

“SHIB price is up over 80% in the last 24 hours, and other dog coins have followed suit. The last time dog coins pumped, it was a sign of ridiculous froth and coincided with the April/May top. Do with that information what you will.”

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