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Cryptocurrency News Articles
Shiba Inu (SHIB) Beats Bitcoin (BTC) and Dogecoin (DOGE) in YTD Gains as Crypto Market Surges
Sep 29, 2024 at 12:33 am
The latest uptick expanded SHIB's year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin.
The cryptocurrency market continued its rally Thursday, extending the gains sparked by the Federal Reserve's first interest rate cut in more than four years.
The rally was led by popular dog-themed memecoin Shiba Inu, which surged over 20% in the last 24 hours, touching levels not seen since mid-June.
Don't Miss:
Here's How Much $1,000 Invested In Shiba Inu Coin Last Year Is Worth Today
What Happened: The latest uptick pushed SHIB's year-to-date gains to 85%, outpacing coins with higher market capitalizations, such as Bitcoin and Dogecoin.
However, a year ago, the narrative was vastly different. The canine coin faced the brunt of the cryptocurrency bear market, shedding 90% of its value from its all-time highs.
Precisely a year ago, SHIB was trading at $0.000007256. Hence, $1,000 invested in the memecoin then would have fetched 137,816,979 SHIBs.
Today, this stash is valued at $2,621.27, reflecting a 162% return on investment.
In comparison, $1,000 invested in Bitcoin and Dogecoin a year ago would have become $2,480 and $2,033, respectively, denoting a 148% and 103% increase.
Why It Matters: Since the announcement of the 0.5% rate cut last week, the total cryptocurrency market cap has increased from $2.21 trillion to $2.3 trillion as of this writing.
Over the last 24 hours, Bitcoin ascended to $65,000 for the first time since Aug. 1, with spot exchange-traded funds (ETFs) linked to the cryptocurrency recording five consecutive days of net inflows following the Fed's decision.
Analysts at investment management firm Bernstein stated last week that rate cuts could revive cryptocurrency credit markets and bolster sectors like decentralized finance (DeFi).
See also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!
Next up on Benzinga Crypto,はこちらから
Benzinga日本語版で気になるクリプトニュースをチェック!
Shiba Inu Coinの昨年からの上昇率は85%だが、1年前はどうだった?
Shiba Inu Coinの昨年からの上昇率は85%だが、1年前はどうだった?画像Unsplash
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