The ascent of the leading cryptocurrency Bitcoin (BTC) is garnering the interest of investors, while some altcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are also experiencing substantial gains. Dogecoin, the largest meme token by market cap and one of the top 10 cryptocurrencies, secured the biggest gain of the past week.
Rise in Meme Tokens
Dogecoin’s close rival, Shiba Inu, also saw an approximate 6% increase the other day, achieving significant gains. The popular meme token, ranked as the 19th largest cryptocurrency by market cap, is currently trading at $0.00000888. Following the loss of legendary investor Charlie Munger, a series of new tokens emerged last week, leading to a rise in the market.
Ethereum (ETH), the second-largest cryptocurrency by market cap, also began to rise with gains of more than 2% the other day. However, all eyes are on Bitcoin, which continues to reach unprecedented heights since its May 2022 crash. Investors are increasingly optimistic as they anticipate the Securities and Exchange Commission’s approval of a spot Bitcoin exchange-traded product after a decade, thus reigniting market interest.
Bitcoin’s Rising Influence Expands
The leading cryptocurrency showed an increase of over 12% last week, yet it still remains well below its all-time high of $69,044 from November 2021. In addition, Bitcoin Cash (BCH), a derivative of Bitcoin, was one of the top performers in the top 20, with its price increasing by 7.5% in the last 24 hours. At the time of writing, according to CoinGecko, BCH is trading at $244.28. Aiming to be a faster and more affordable version of Bitcoin, the altcoin has seen a 8.5% increase over the past seven days.
In conclusion, as Bitcoin continues to rise, it drives altcoins, especially Dogecoin and Shiba Inu, towards significant gains, and other cryptocurrencies, including Ethereum, also show an uptrend. However, the expectation for Bitcoin to reach levels not seen since its May 2022 collapse remains a significant factor in the market.
