Bitcoin surged to $44,000 on Thursday, marking a yearly high in 2023. What about Shiba Inu? BTC started the year trading at a low of $16,500 and has steadily climbed in price despite various challenges. The leading cryptocurrency is currently garnering bullish sentiments, attracting significant inflows of funds from various sources, including institutional investors. Bitcoin’s rise is also positively impacting other leading altcoins and cryptocurrencies like Shiba Inu (SHIB), among others.
Bitcoin Pushes Shiba Inu To Delete a ‘Zero’
The recent surge in the price of Bitcoin is exerting upward pressure on Shiba Inu (SHIB), potentially allowing it to shed a ‘zero’ in its value. Shiba Inu was trading at levels around $0.000007 before the notable increase in the price of Bitcoin. Currently, it is approaching the $0.00000971 mark. If the positive momentum continues, it could propel SHIB to the $0.00001 level, effectively eliminating its fifth ‘zero,’ with the influence of Bitcoin playing a significant role in this potential development.
A group of investors who have realized profits from Bitcoin are diversifying their investments into leading altcoins such as Ripple’s XRP, Cardano (ADA), VeChain (VET), and Shiba Inu, as well as its counterpart, Dogecoin. The broader cryptocurrency market is currently experiencing renewed enthusiasm, leading investors to harvest significant profits.
This trend is not unprecedented, as Bitcoin has historically influenced other altcoins to move in sync with its upward trajectory. Bitcoin, being the market leader, often sets the tone for the entire market, causing other tokens to rally alongside it. Consequently, the profits generated from Bitcoin tend to have a cascading effect, benefiting altcoins like Shiba Inu, XRP, ADA, and others.
In addition to ongoing market dynamics, there’s anticipation around the Bitcoin halving scheduled for April 20, 2024. Bitcoin is expected to experience an upward trend in the next four months leading up to the halving. As of the latest data, BTC is trading at $44,000, representing a nearly 1% increase in the last 24 hours. SHIB, on the other hand, is trading at $0.00000971.
Also read: Shiba Inu Forecast to Rise 1,800% by 2032