After some uncertainty, Bitcoin (BTC) seems to be back into bullish territory. We’ve seen an increase of over 25% in the last seven days, and its price is still going up. This way, Bitcoin climbed from around $40,800 to $51,000 this week. Meanwhile, Axie Infinity (AXS) and Terra (LUNA) surpassed new historical records. Shiba Inu (SHIB) is surging as well, due to several factors.
According to the Crypto Fear & Greed Index, the cryptocurrency market is currently in a “greedy” sentiment. This means that the investors and users are looking to buy more than sell. We recently saw the total ban against Bitcoin from China, but this hostility isn’t new. Besides, there’s good news too. Almost at the same time, Twitter adopted Bitcoin.
More recently, Gary Gensler (U.S. SEC’s Chairman), assured that the United States won’t ban Bitcoin as China did. Besides, he declared himself supportive to approve future-based Bitcoin ETFs (Exchange-traded funds). That’s why there are a lot of expectations around the potential approval of a Bitcoin ETF this month. This could send the BTC price to the moon again.
For its part, Axie Infinity has become the biggest contributor to the NFT economy. Recently, Sky Mavis, the videogame developer behind Axie Infinity, raised $152 million in an investment round led by Andreessen Horowitz. Probably, as a result, the token AXS increased by over 127% in the last week. It reached briefly a new All-Time-High (ATH) of $155 per coin [CoinMarketCap].
Terra (LUNA) also hit a new ATH, with over $49 per coin (48%+ in the last seven days). Its savings DeFi protocol, Anchor, reached $5 billion in total value locked (TVL), marking a new record. Likewise, Terra has now over three million registered accounts.
Shiba Inu and the doggy madness
Dogecoin (DOGE) started years ago, but now is booming into the sky. The dog-like meme-coins are flooding into the cryptocurrency market, and almost every day we see a new one. We can say Shiba Inu (beyond DOGE) has the higher value and capitalization for now, with over $0.000018 per coin and $7 billion in market cap. That’s an increase of around 160% only in the last seven days [CoinMarketCap].
Additionally, Shiba Inu has gathered over one million ROI (Return-of-Investment) year-to-date. Recently, multiple crypto whales injected over $46 million into the SHIB economy, pumping the prices. Dogecoin is also on the rise, with an increase of over 36% in the last week. Something that might have to do with Elon Musk and his tweets about his new Shiba Inu dog, Floki.
Speaking of which, there are a bunch of new altcoins named after Floki. We can find at least eleven in CoinMarketCap. So far, Flokinomics (FLOKIN) is the biggest winner, with an increase of over %3,000 only in the last 24 hours. Other 90 dog-like coins are surrounding the market, with different results. But it seems like the fever about this meme will continue.
Featured Image by KNFind from Pixabay
Originally published at https://blog.alfa.cash on October 5, 2021.