Dogecoin and Shiba Inu See Gains as Altcoins Rise
While Bitcoin dominates the headlines, altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also experiencing significant gains. Dogecoin, known as the biggest meme coin and the 10th largest digital asset by market cap, has seen a 5% gain in the past 24 hours and is currently trading at $0.08. Similarly, Shiba Inu, a competitor to Dogecoin, has risen nearly 6% in the same period and is trading at $0.00000888.
Meme Coins’ Moment Passes
Meme coins, which are volatile cryptocurrencies based on Internet memes, received a boost after the deaths of Charlie Munger and Henry Kissinger. However, their moment seems to have passed as they have experienced low trading volumes. Ethereum, the second largest digital currency, has gained over 2% in the past day and is priced at $2,208 per coin.
Bitcoin’s Rise and Renewed Interest
All eyes are on Bitcoin as it continues to reach new highs not seen since its crash in May 2022. Investors are optimistic about the approval of a spot Bitcoin exchange-traded product by the Securities and Exchange Commission after a decade. Despite a surge of over 12% in the past week, Bitcoin is still below its all-time high of $69,044 in November 2021, currently priced at $41,256 per coin.
Bitcoin Cash Performs Well
Bitcoin Cash (BCH), a spin-off of Bitcoin aiming for faster and cheaper transactions, has been one of the best performers among the top 20 cryptocurrencies. It has risen by 7.5% in the past 24 hours and is currently trading at $244.28. Over the last seven days, BCH has seen an 8.5% increase.
Hot Take: Altcoins Ride the Wave of Crypto Market
While Bitcoin remains in the spotlight, altcoins like Dogecoin and Shiba Inu are making significant gains. Meme coins had a momentary boost but have now faded. Ethereum continues to rise steadily, and Bitcoin is attracting renewed interest as investors anticipate the approval of a spot Bitcoin exchange-traded product. Bitcoin Cash stands out as one of the top performers among cryptocurrencies. Overall, altcoins are riding the wave of the crypto market and showing promising growth.
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