The bulls in Bitcoin (BTC) witnessed a $1,700 hourly candle on October 28 as the cryptocurrency experienced another classic rally. Hence, bitcoin unexpectedly surpasses $61,000.
? Bitcoin unexpectedly surpasses $61,000, abandoning bears
BTC/USD has been trading in a range since early Wednesday, according to Cointelegraph Markets Pro and TradingView data.
As a result of the move, the pair threw doubt on prior bearish behavior. This effectively invalidated a head and shoulders pattern that had previously been expected to appear.
As previously reported by Cointelegraph, analysts appeared unconcerned about Bitcoin’s recent reversal. In fact, they are even raising their price estimates for the long term.
BTC/USD was trading about $61,000 at the time of writing, having climbed as high as $61,250 on Bitstamp. A low level of funding rates indicates that leverage has been successfully “flushed” recently.
? Dogs dominating altcoins
Market cap-weighted altcoins like Litecoin and Zcash all saw rises of several percentage points.
Shiba Inu (SHIB) remained the market leader, although the cryptocurrency advanced by 43% in a single day and by 150% in a week.
After that, the focus shifted to Dogecoin (DOGE), which mimicked SHIB/decline USD’s from record highs by making a similar move.
By surpassing Dogecoin’s market valuation on October 27, 2021, Shiba Inu (SHIB) achieved what the community refers to as “the real flipping,” a previously unheard of feat.
DOGE’s token rival now has more than 800,000 holders as of October 28, 2021; this represents an increase of 32,405 in a single day, bringing the total number of addresses to 816,790.
Shiba Inu owners now number 816,790, with the top 10 owners making up 72.04 percent of all Shiba Inu owners worldwide.
Consider that in August of the last year, one wallet bought $SHIB valued about 8,000 dollars, and the deal is now worth $5.7 billion. During that time, the value of SHIB rose from $8,000 to $5.7 billion, a gain of about 400 days.
On the other hand, Dogecoin has a total address count of 4,453,980, which is much more than the number of Shiba Inu and more widely distributed DOGE holders.