Bitcoin (BTC) hit highs of $ 55,300 on Wednesday, even as traditional risky assets such as stocks fell and the dollar rose. Meanwhile, as the price of BTC rose, the majority of Altcoins initially didn’t budge, but followed explosive price action when Bitcoin somehow cooled down.

Selected tokens such as Shiba Inu (SHIB, + 43.81%), Fantom (FTM, + 37.55%), Function X (FX, + 172.79%), Bitcoin Diamond (BCD, + 40.01%) Radicle (RAD, + 114.63%), Dogelon Mars (ELON, + 75.60%), DigitalBits (XDB, + 35.50%), Pirate Chain (ARRR, + 26.41%), Burger Swap (BURGER , + 56.87%) have shown significant gains over the past 24 hours.

Shiba Inu (SHIB) soared after Tesla CEO shared a photo of Floki, his puppy Shiba Inu, casually relaxing in one of the electric vehicles that made him a billionaire. SHIB’s recent jump to highs of $ 0.00003512 on October 7 takes the price just 12% away from its all-time highs of $ 0.00003999. As a result, SHIB became the 13th largest cryptocurrency by market capitalization, overthrowing Avalanche, Litecoin, and Chainlink.

Inevitably, the frenzy resulted in a bounce in even dog-themed pieces like Dogelon Mars (ELON) and Baby Shiba Inu (BABYSHIBAINU), both of which have seen their prices rise dramatically since the beginning. “Floki frunkpuppy” image has surfaced online.

Dogelon Mars (ELON), a play based on Elon Musk and his love for space travel has climbed 246% since early October, scoring in green every day to hit highs of $ 0.000000180 on October 7.

Baby Shiba is a roadmap driven coin to bring value “to the Moon”. Baby Shiba Inu offers a new reward system for NFT, Staking and has traded 451.20% to $ 0.00000001307, at the time of publication.

Flokifrunkpuppy (FLOKIFRUNKPUPPY) launched on October 4 on its official website. “Flokifrunkpuppy is inspired by Elon Floki’s puppy” The coin is currently changing hands at $ 0.0000002125, posting over 80.66% gains in the last 24 hours.

The Function X token, the governance token for the Function X project, rose nearly 170% on October 6 after Coinbase announced its listing:

“Inbound transfers for FX, JASMY, TBTC and WCFG are now available in regions where trading is supported. Merchants cannot place orders and no orders will be fulfilled. Trading will begin on Thursday, October 7 at 9:00 am Pacific time or after, if liquidity conditions are met ”.

Radicle, a decentralized code collaboration network, is seeing a price increase following a Binance listing.

“Binance will list Radicle (RAD) and open trading for RAD / BTC, RAD / BNB, RAD / BUSD and RAD / USDT trading pairs on 10/07/21 07:00 (UTC)”.

Bitcoin consolidates its next move!

Bitcoin’s rise to $ 55,300 has seen funding rates turn positive across exchanges due to immense buying pressure. Funding rates that are too positive may indicate that the market is expecting a further rise leading to several long positions. In such a scenario, a massive unwinding of positions could accelerate and turn into a downward movement, if it were to begin.

While expectations for a retracement remain short-term, analysts expect the decline to be of limited scope. Bloomberg Senior Commodities Strategist Mike McGlone expects BTC to turn the psychological resistance of $ 50,000 into support during the next stage of the bull market, indicating that Bitcoin’s explosive price action ( BTC) above $ 50,000 this week may well continue into the fourth quarter.

Bitcoin was trading at $ 54,229 at the time of publication.

Image Credit: Shutterstock

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