Bitcoin holds above $87,000 – Dogecoin and Shiba Inu jump by 11%
A positive mood continues in the crypto market. Bitcoin consolidates at the $87,000 mark, while top altcoins like Dogecoin and Shiba Inu gain by around 11% with double-digit price increases.
The crypto market is on cloud nine and has maintained its strength into the middle of the week. Bitcoin sets the pace with a price of around $87,600, which means a price increase of about 7.5% within the last 24 hours. The extreme price growth from last weekend thus continues.
The altcoin sector is following the positive signals from Bitcoin and has gained double digits in value, similar to the leading cryptocurrency. Cardano (ADA) has recorded a price gain of about 12% in the past 24 hours and currently trades at around $2.70. Solana (SOL) also has registered a significant price rise, now priced at around $255, with an increase of roughly 13%. However, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are leading these jumps. Both altcoins have increased by around 11% each, with Shiba Inu now trading about $0.000083 and Dogecoin at nearly $0.30.
Will the rally continue?
The Bitcoin price appears to have taken a breather at around $87,000 and is currently trading slightly below this mark. Whether the bull market will go further is unclear. Analysts point toward chart technicals in Bitcoin, which foresee potential obstacles at around $91,000 or $96,000. Historically, however, explosive price growth has often triggered further significant gains.
Ethereum (ETH), which broke the $5,000 threshold for the first time, is also showing similar behavior. The number two in cryptocurrencies by market capitalization remains focused on a future in which the Proof-of-Stake protocol ETH 2.0 will be fully operational. Experts believe this will further push ETH’s value, as the supply is reduced.
Investors and traders can dare to trade with the momentum in their favor, but should remain alert to correct scenarios as bull markets are often unpredictable and volatile.
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