Weekly Analysis of the Top 30 Altcoins Against Bitcoin: Shiba Inu (SHIB) is the Only One Up 80%

Shiba Inu (SHIB) is the only top-30 currency that is still profitable in comparison to bitcoin, since the majority of altcoins have lost significant value.

Bitcoin has been on a tear since the beginning of October, and particularly in the last week. It traded below $50,000 on October 5th, but quickly recovered that desired level and continued rising higher.

It hit a multi-month high just short of $58,000 hours ago, implying a 17% gain in a week. Typically, as BTC increases in value, the majority of other currencies increase in value as well, at least relative to the dollar.

This does not seem to be the case today, since the majority have fallen behind not just the USD, but even their leader. There is just one exception to the list of the top-30 biggest digital assets — the acrobatic Shiba Inu.


Gains for SHIB Against BTC

It's fair to say that Shiba Inu and its native coin have captured the cryptocurrency community's interest recently. Among other investors as well — in late September, one specific whale purchased 6.2 trillion coins.

Due to the surge in futures trading activity, SHIB's price skyrocketed. It soared by 300 percent in just a week to $0.000035, its highest level since May. Despite a small retracement since that high, SHIB remains around $0.00003 and is the only currency in the top 30 trading in the green versus BTC.

According to CoinGecko data, SHIB has increased by more than 80% in value over the last week, surpassing bitcoin to become the 12th biggest cryptocurrency by market cap.

This significant rise occurs in advance of the project's next NFT series. The Shiboshis are expected to arrive in the coming days.


The Remainder See Red

As previously stated, the majority of the larger-cap altcoin market is in the red relative to its leader. Ethereum has lost almost 10% of its value and is now worth little more than 0.06 BTC. In September, the ETH/BTC trading pair hit a multi-month high of around 0.08.

Solana and Dogecoin have been among the week's poorest performances. SOL, which soared to a new all-time high against the dollar in mid-September, has lost 22% of its value in the last week as compared to bitcoin. DOGE's decrease is comparable.

The graph below illustrates the state of the cryptocurrencies in comparison to BTC. As such, it's unsurprising that bitcoin's dominance has recently increased from below 44% to 47%.

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