In the past day, many large-cap altcoins have surged, but none more than SHIB.

The price of Bitcoin continues to rise after recent declines, reaching about $65,000 currently.

Altcoins are also seeing gains, with ETH and BNB rising by around 4%, but SHIB has stood out with its 18% increase.

Bitcoin Sets Sights on $65K

The days leading up to the fourth Bitcoin halving were difficult, as the price of the asset dropped from over $70,000 to $65,000 last Friday and then further to $61,000 the following day.

There were more drops in the middle of the week and on Friday, with BTC falling below $60,000 just before the halving event.

However, Bitcoin bounced back and surged by over five thousand dollars in half a day, reaching $65,000 after the halving.

There has been less volatility since then, with Bitcoin currently trading around $65,000 and its dominance over altcoins dropping to just under 51%.

SHIB Steals the Spotlight

Altcoins have outperformed Bitcoin in the past 24 hours, led by the popular meme coin Shiba Inu, which has surged by 18% and now trades above $0.000027.

Other meme coins like BONK, FLOKI, and PEPE have also seen double-digit gains.

Several other cryptocurrencies including Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot have also seen gains of around 6-8%.

The total crypto market cap has risen by over $50 billion in a day, reaching above $2.5 trillion on CG.