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Bitcoin (CRYPTO: BTC) continued its ascent on Wednesday night as the global cryptocurrency market cap reached $ 2.28 trillion, up 2.38% on a 24-hour basis.
What happened: The apex coin rose 6.83% on a 24-hour basis to $ 54,769.21. For the week, BTC jumped 30%.
See also: How to buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) traded 0.4% higher at $ 3,541.14 over 24 hours. Over a seven-day period, ETH gained 21.62%.
On the theme of Shiba Inu Dogecoin (CRYPTO: DOGE) was down 2.39% to $ 0.245. Over the past seven days, DOGE has appreciated 22.35%.
SHIBA INU continued to expand its earnings, becoming the first 24-hour winner, according to data from CoinMarketCap.
SHIB climbed 67.39% over 24 hours to $ 0.00002971. In the past seven days, the so-called DOGE-Killer has skyrocketed to 320.73%.
Against the major cryptocurrencies BTC and ETH, SHIB rose 58.12% and 68.19% respectively.
Why is this important: Bitcoin received a boost after positive news that the chairman of the United States Securities and Exchange Commission Gary Gensler said the regulator does not have plans similar to China’s to ban cryptocurrencies.
See as well :Jim Cramer identifies “main reason to buy Bitcoin”
Analysts expect BTC to record a new all-time high as its dominance over so-called altcoins hit the current 45%, down from a low of 40% seen last month.
“There has been new spot buying activity in BTC, and looking at the price action we expect to see a new all-time high in the coming weeks,” said Pankaj balani, CoinDesk reported.
“We also expect BTC to outperform altcoins and that money will turn into BTC from altcoins in the future.”
Freddie evans, Sales Trader at GlobalBlock, a UK-based digital asset broker, spoke of a possible BTC rally at the end of the year.
“Technical indicators are bullish, with analysts predicting a bull run until Christmas and some seeing $ 50,000 as a new level of support,” Evans wrote in an emailed note.
Evans noted that BTC’s advance contrasted with other assets like gold and stocks that are experiencing a “period of angst” in the face of high inflation and slowing economic growth.
“This recent Bitcoin breakthrough could be the repeat of history following China’s ban on crypto activity.”
An independent research firm, Digital Delphi, noted that dog parts are all the rage again in their latest market update.
“The price of SHIB has increased by over 80% in the past 24 hours, and other dog coins have followed suit. The last time the dog coins were pumped it was a ridiculous foam sign and coincided with the April / May high. Do what you want with this information.
Read more : AMC begins accepting Dogecoin for digital gift cards
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