SHIB Surges 80% in 24 Hours: Crypto Market Buzzing
Date: 2024-03-02 Author: Dima Zakharov Categories: BLOCKCHAIN
SHIB, the meme-inspired token, has surged by a staggering 81% in the past 24 hours. This surge marks a notable spike in its value, with a weekly increase of 141%. Additionally, Dogecoin (DOGE), another meme coin, has witnessed a 24% surge within the same timeframe, with a weekly increase of 79%, as reported by CoinMarketCap.
Notably, the upward trend extends beyond meme coins. Bitcoin Cash (BCH), a major Bitcoin fork, has surged by 26% in the past day and 49% over the week.
Despite the volatility among certain altcoins, major assets like Bitcoin (BTC) and Ethereum (ETH) have remained relatively stable. Bitcoin's price has seen minimal change, while Ethereum has experienced a modest 1% increase over the past 24 hours. However, both assets have shown a positive trend over the week, with gains of 21% and 15%, respectively.
The overall market capitalization of cryptocurrencies has seen a 2.4% increase, reaching $2.34 trillion. Investor sentiment remains optimistic, with the Fear & Greed Index indicating extreme greed at 86 out of 100 points.
Despite the positive outlook, trading activity in the crypto market is expected to decrease, with a 17% drop in volumes to $111 billion over the past day.
Among the positive developments driving market sentiment is the anticipated entry of Vanguard's Bitcoin ETF into the market. Vanguard, known for its conservative approach, has historically refrained from cryptocurrency ETFs. However, the impending departure of Vanguard CEO Tim Buckley could signal a shift in strategy.
