Crypto Market Update
Some of the leading altcoins are seeing positive movement this Sunday. Solana (SOL) is leading the pack with an impressive 5% price surge, contributing to the overall bullish sentiment in the market. According to CoinGecko data, the total market capitalization of the crypto market currently stands at $1.1 trillion.
Bitcoin’s Bullish Month
Historically, October has been a fruitful month for Bitcoin, which, on average, gains 12% during this period. This recurring trend in Bitcoin’s performance has led analysts to suggest that the flagship cryptocurrency might be gearing up for a rally. On the first day of October, Bitcoin is displaying resilience with a modest increase of 0.6%, reaching a price of $27,114. Despite this, Bitcoin maintains its substantial market capitalization of $528 billion, although it is still down more than 60% from its peak.
Shiba Inu (SHIB) Struggles
Meanwhile, Shiba Inu (SHIB) is walking on thin ice, despite a minor uptick of 1.2% in the last 24 hours, pushing its price to $0.00000742. However, this minor recovery is not enough to secure its position in the top 20 cryptocurrencies. SHIB’s market cap currently stands at $4.35, and it is on the verge of falling out of the top rankings.
Shibarium Layer-2 Launch Impact
This stagnant performance follows the mainnet launch of the Shibarium Layer-2 solution. Despite this launch, SHIB is struggling to gain momentum, evident from its low daily transaction volume of approximately 20,000. The crypto community is closely watching to see if SHIB can regain momentum in the coming days.