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Shiba Inu price soars by over 200% in a week

The cryptocurrency market is having an excellent start to the last quarter of the year, and many coins are currently rallying

The cryptocurrency market underperformed for the best part of the third quarter, with the prices of most coins dropping by more than 50% during that period. Bitcoin dropped from its all-time high of $64,000 to trade below $30,000 at one point during the last two quarters.

However, the market has been recovering over the past few weeks, and it has picked up pace since the start of the month. Bitcoin and other leading cryptocurrencies have been rallying since the start of October, with the total crypto market cap now closing in on $2.5 trillion.

However, one of the best performing coins in recent days is Shiba Inu. The meme coin, created to compete with the popular Dogecoin, has seen its price surge by more than 200% over the past week. Since the start of the month, SHIB's price has pumped by 214%, outperforming all the other coins in the top 20 by market cap.

Following Shiba Inu's rally, it now has a market cap of nearly $9 billion. However, its performance has declined over the past 24 hours as it is now down by 26%. Shiba Inu's rally saw it eclipse the likes of Polygon, Internet Computers, Stellar, Filecoin and Cosmos.

Bitcoin struggling to top $55k

Bitcoin has also been performing well since the start of the month, rising by 22% over the past few days. However, it has struggled to top the $55,000 resistance level and has been trading above the $54,000 level for the past two days.

Surpassing the $55,000 resistance level could provide Bitcoin with enough momentum to aim for $60,000 in the coming days. The leading altcoins have also been performing well since the start of October, with the total cryptocurrency market cap now standing around $2.3 trillion. If the momentum is maintained, the coins could rally further in the coming days and weeks.

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