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After a devastating year and a rough start to the first half of the new year, the crypto market is finally continuing in its wide state of recovery. Over the past few months this year, there was a constant struggle between the bulls and the bears, with the bears getting the majority of the market possession for a while, but after the banking crisis, the bulls began reclaiming their titles after investors once again began flocking to the DeFi space. Over the past few days (at the time of writing), there has been a significant Bitcoin bull market appear, and many are optimistic about these conditions.
With these many months that have passed, Bitcoin saw intense fluctuations but slowly inched toward all its predicted thresholds, even surpassing many that were predicted. It recently broke through its $30,000 mark, which is a crucial milestone for the coin. The excellent performance of the crypto giant now makes investors optimistic and has them asking if this will also have a positive impact on altcoins like Shiba Inu and Caged Beasts (BEASTS).
Over the past year, Bitcoin has experienced some significant losses, but as the market progressed into Q1, the token slowly began to witness a rise in value, and following the collapse of some major banks in the industry, it a run fueled by investors who had now gravitated back towards crypto.
In its excellent performance thus far, it managed to break through all of the key support levels and has now even broken through its $30,000 resistance in Q2. Based on its tremendous run so far, it is speculated that the coin may just be at the beginning. One reason for this is attributed to the launch of a new crypto exchange called EDX Markets. It will function as a non-custodial exchange and has seen an influx of investors applying to launch Bitcoin exchange-traded funds (ETFs) – increasing the demand for the token and, therefore, its value.
Shiba Inu followed Dogecoin into the market and has become affectionately known as the Doge Killer. Over the years, Shiba Inu has faced many challenges and has experienced a lot of fluctuation, yet it continues to be one of Dogecoin’s strongest competitors. As Bitcoin climbs and gains its majority market dominance again, this bodes well for Shiba Inu.
It is a common trend in the market that when Bitcoin rises, altcoins tend to rise. This is evident currently with Shiba Inu, as throughout the current bull run, it has risen just as much as Bitcoin. This could push more investors to buy SHIB based on optimism regarding its performance in the coming weeks.
As meme coins are all the range in the current market, Caged Beasts (BEASTS) come with a unique concept and structure that any motivated investor would be eager to be part of. It gives users a chance to invest in return for their very own beast – which will be an infant – to mark the start of their investment. Once the beast begins to grow, it signals the growth of its investment, and after that, once it becomes a fully grown beast, it speaks to the size of the investment outcome.
In the current market and with the popularity of altcoins, it is highly likely that Caged Beasts will experience an influx of investors. This could also be a result of its investment potential and how well meme coins are currently performing on the market due to the climbing of Bitcoin, and alternatively having someplace else to invest their money if Bitcoin dips badly.
As Bitcoin continues on its current trajectory, it creates an atmosphere of optimism amongst many investors. This also creates an attractive opportunity for others to invest in altcoins due to the current rise in prices. This gives token holders good foundations to sell their coins and turn a positive profit whilst the bull run lasts.
Disclaimer: This content is not a part of NFTgators’ editorial content and is not an investment advice. Do your due diligence before making any decision.