The crypto market came back firmly on Tuesday and has added nearly $150 billion to its overall value in the last 24 hours. Bitcoin has crossed the price level of $51,000 today but the real recovery has been seen among altcoins like Shiba Inu (SHIB) and Polygon (MATIC).
The price of Shiba Inu has increased by over 10% in the last 24 hours. With that, the crypto asset has regained the market capitalization of $20 billion. Digital asset MATIC surprised the crypto community with substantial gains of more than 28% within a single day. In terms of weekly performance, Polygon has spiked by almost 32%.
After reaching a record high level in October 2021, Shiba Inu has seen a gradual decline over the last 6 weeks. Once the world’s 8th largest digital asset, SHIB now stands in the 13th position. With a market value of $20 billion, Shiba Inu is still the second-most valuable meme coin after DOGE.
Apart from SHIB and MATIC, LUNA, AVAX, CRO and LINK have also witnessed double digital gains during the last 24 hours.
Bitcoin’s Price Action
While altcoins saw a strong recovery on Tuesday, Bitcoin fell behind other competitors in terms of price gains. Even with a price jump of 4%, the crypto asset is well behind Ethereum (8%) and Solana (9%). As a result, the crypto market dominance of Bitcoin has dropped substantially since Monday.
“Whenever price creates new highs, there are invariably traders who buy the top. These new investors are the first group tested by the next period of uncertainty, and nothing spells uncertainty like a flash sell-off in the futures. The sum of coins spent in a loss for December 4 totaled $3 billion. Coming into Saturday, previous high marks were set on May 19 and June 25, with losses of $4.5B and $3.8B, respectively,” Glassnode highlighted in its recent report.
