SHIB and DOGE deliver the biggest gains among altcoins while BTC faces profit-taking above $51,000
Bitcoin’s price climbed above $50,000 as the broader cryptocurrency market appears to be rising during what is historically a bullish fourth quarter.
The leading cryptocurrency gained momentum in the first week of October, with today’s rally pushing it past the $51,000 mark. Bitcoin’s price rose roughly 4.4% over the past 24 hours and more than 26% over the past seven days.
At the time of writing, BTC trades near $51,700, comfortably above $51,000 and approaching $52,000. CoinGecko data show early trading on Wednesday pushed buyers to an intraday high of $51,970.59, suggesting the possibility of further upward movement.
BTC/USD daily chart. Source: TradingView
One well-regarded analyst suggests Bitcoin could continue to advance through October, potentially reaching highs near $63,000 before a pullback in November and then another leg up in December.
Based on historically recurring #BTC price tendencies across cycles…
Bitcoin could rally to ~$63,500 in October
Then retrace to the low/mid-$50,000s in November
Then break out to new All Time Highs$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 5, 2021
Bitcoin’s rise follows reassuring remarks from SEC Chair Gary Gensler, who told a Senate committee on Tuesday that the regulator does not intend to ban cryptocurrencies in the United States. Similar comments were made last week by Federal Reserve Chair Jerome Powell, signaling that U.S. policymakers want to take a different approach than China.
Shiba Inu and Dogecoin climb 82% and 13%, respectively
Although Bitcoin’s breakout above a key resistance zone for the first time in weeks is notable, Shiba Inu (SHIB) and Dogecoin (DOGE) have outpaced it in 24-hour returns.
Shiba Inu and Dogecoin gains followed another tweet by Tesla CEO Elon Musk referencing “Floki Frunkpuppy.” Speculation about a potential SHIB listing on Robinhood has also added buying pressure.
Shiba Inu posted the largest daily gain, surging about 82% to trade around $0.000024. SHIB now ranks as the 17th largest crypto by market capitalization and could see further upside toward and above $0.000025.
Dogecoin also enjoyed a notable rise, increasing approximately 13% in the past 24 hours and about 34% over the last seven days. DOGE was trading near $0.27 against the U.S. dollar at the time of writing, and continued momentum could push it into the $0.28–$0.30 range.