The cryptocurrency market rebounded strongly on Tuesday, adding nearly $150 billion to its overall value in the last 24 hours. Today, Bitcoin surpassed the $51,000 mark, but the real recovery has been seen in altcoins such as Shiba Inu (SHIB) and Polygon (MATIC).
Shiba Inu prices have risen by more than 10% in the last 24 hours. As a result, the cryptocurrency has regained a market capitalization of $20 billion. MATIC, a digital asset, surprised the crypto community by gaining more than 28 percent in a single day. In terms of weekly performance, Polygon has increased by nearly 32%.
Shiba Inu has been gradually declining over the last 6 weeks after reaching a record high in October 2021. SHIB, which was once the world’s eighth largest digital asset, is now ranked 13th. Shiba Inu is still the second-most valuable meme coin after DOGE, with a market value of $20 billion.
In addition to SHIB and MATIC, LUNA, AVAX, CRO, and LINK have seen double digital gains in the last 24 hours.
Bitcoin’s Price Movement
While altcoins made a strong comeback on Tuesday, Bitcoin trailed other competitors in terms of price gains. Despite a 4 percent price increase, the crypto asset trails Ethereum (8 percent) and Solana (8 percent) (9 percent ). As a result, Bitcoin’s dominance in the crypto market has declined significantly since Monday.
“Whenever price makes new highs, traders invariably buy the top.” These new investors will be the first to be put to the test during the next period of uncertainty, and nothing says uncertainty like a flash sell-off in futures. The total amount of coins spent in a loss on December 4 was $3 billion. “Prior high marks were set on May 19 and June 25, with losses of $4.5B and $3.8B, respectively,” Glassnode noted in a recent report.