SHIB and PEPE rose strongly, and the price of Bitcoin rebounded to $64,000 (market dynamics)

In the past 24 hours, Shiba Inu (SHIB), as the largest native token, soared 13%, attracting widespread attention. At the same time, the price of Bitcoin fell below $62,800 earlier today, but quickly rebounded and is now close to $64,000 again.

Bitcoin price rebounded

Bitcoin rebounded after falling below the low of $63,000 and recovered some of its losses. Previously, the US Federal Reserve lowered its benchmark interest rate for the first time in four years, which drove Bitcoin's rise from $58,000 to more than $60,000 and fluctuated at a level close to $64,000. Although Bitcoin tried to break through the resistance level of $64,800 several times, it failed, and a short-term pullback pulled the price down to $62,750. However, Bitcoin rebounded quickly and the current trading price is close to $64,000 again. These fluctuations have persisted despite the increase in net inflows into spot Bitcoin ETFs, with Bitcoin’s market cap remaining around $1.26 trillion and its market dominance slightly declining to 53.7%.

Strong performance of SHIB and PEPE

In the altcoin space, Shiba Inu (SHIB) has performed particularly well, with its price rising 13% to $0.000017. This gain has made SHIB the leader among large-cap altcoins. Meanwhile, PEPE has also achieved a 7% gain to $0.000009. Other cryptocurrencies that have performed well include DOGE, which has risen more than 4% in the past day, and TON, ADA, DOT, and NEAR have also achieved good growth. In contrast, other larger-cap altcoins such as ETH, BNB, XRP, and LINK have experienced less volatility and relatively calm market performance.

The total market value of the cryptocurrency market has increased slightly with these gains, and the current total market value has reached $2.35 trillion. With the improvement in market sentiment, many investors are optimistic about the market trend in the coming days. The strong performance of SHIB and PEPE, combined with Bitcoin’s continued recovery, could lead to greater upside for the entire crypto market.