Shiba Inu SHIB/USD is trading higher by 7.2% to the $0.00001-level Tuesday afternoon on continued strength. Shares of several altcoins and crypto-related stocks are volatile Tuesday as Bitcoin reached a new 52-week high during the session.
Periods of significant Bitcoin price appreciation often coincide with what is known as “altcoin seasons.” During these phases, investors look for opportunities to diversify their holdings or seek higher returns in alternative cryptocurrencies, such as Shiba Inu.
Cryptocurrency markets are also heavily influenced by speculative trading. When Bitcoin experiences rapid price movements, traders may seek out other cryptocurrencies, including Shiba Inu, in hopes of capitalizing on similar price surges or looking for undervalued assets.
See Also: Shiba Inu ETF On The Cards?
What's Going On With Crypto?
Bitcoin and Ethereum have experienced substantial price surges, with Bitcoin jumping 10% to over $57,000 and Ethereum rising 5% to surpass $3,200 at one point Tuesday. This surge coincided with record-breaking trading volume and a noticeable increase in investor interest in cryptocurrency ETFs.
Over the past 24 hours, the cryptocurrency market saw significant activity, resulting in the liquidation of $361 million worth of assets according to Coinglass data…Read More
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