- Altcoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), and Bitcoin Cash (BCH) are seeing significant gains.
- Meme coins like DOGE and SHIB have surged recently, fueled by internet meme origins.
While Bitcoin’s surge captures the market’s attention, a ripple effect is observed across various altcoins, including Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), and Bitcoin Cash (BCH). These cryptocurrencies are experiencing notable gains, riding on the coattails of Bitcoin’s upward trajectory.
Meme Coins: A Dynamic Surge
Dogecoin, the largest meme coin by market capitalization and ranked 10th among digital assets, has been one of the biggest gainers. The coin, which started as an internet joke, has seen a 5% increase over the past 24 hours, trading at $0.08. Similarly, its competitor Shiba Inu, another meme-themed cryptocurrency, has risen nearly 6% in the same period, trading at $0.00000888.
The surge in meme coins, often characterized by their volatility and internet meme origins, was further fueled last week by the emergence of new tokens following the deaths of public figures Charlie Munger and Henry Kissinger. However, these newer tokens, such as MUNGER, have seen minimal trading volume, indicating a fleeting interest.
Ethereum, ranking second in market cap among digital currencies, is also experiencing a boost, with a more than 2% increase in its value, currently priced at $2,208 per coin. This uptrend in Ethereum underscores its strong position in the market and its potential for sustained growth.
Bitcoin Cash (BCH), a derivative of Bitcoin aiming to offer faster and cheaper transactions, stands out among the top 20 cryptocurrencies. Over the past 24 hours, BCH has seen a 7.5% increase, trading at $244.28. This week-long rise of 8.5% in its price reflects the altcoin’s growing appeal and market strength.
The cryptocurrency market is closely monitoring Bitcoin, which continues to achieve highs not seen since its crash in May 2022. The optimism in the market, spurred by anticipation of a spot Bitcoin exchange-traded product approval by the Securities and Exchange Commission, has led to a 12% surge in Bitcoin over the past week. Despite this, Bitcoin’s current price of $41,256 is still below its November 2021 all-time high.
The current trends in the cryptocurrency market, marked by the significant gains in altcoins like Ethereum, Dogecoin, and Bitcoin Cash, demonstrate the interconnected nature of these digital assets and their collective response to Bitcoin’s movements.
