The unexpected Bitcoin renaissance is still going strong. It’s going strong over $60,000, with no major dips reported. The price has been hovering around that mark for days now and analysts believe that it’s a good sign. Optimistic investors say that it’s well on the way to the magical $100,000, although there’s still a long way to go before it hits that mark.
The price has most likely gone up because of the highly anticipated first Bitcoin-linked ETF (exchange-traded fund). It made its official debut at the New York Stock Exchange on Tuesday (October 19) which could prove to be a watershed moment for cryptocurrencies in the USA.
And, while Bitcoin is seeing green, the majority of other big cryptocurrencies are not doing that great. Except for the doge coin members which seem to be going shoulder to shoulder with Bitcoin.
Dogecoin and Shiba Inu on the Rise
A bit surprisingly, memecoins seem to be doing pretty well beside Bitcoin. Dogecoins and Shiba Inu have made gains of over 5%, with SHIB doing especially well at 15% gains. Many have been linking their great performance to a new tweet by the apparent Dogefather Elon Musk, who’s no stranger to influencing crypto prices.
He posted a strange pic of a bunny/pup with a rocket, which seemingly indicates the famous “Dogecoin to the moon”.
On the other hand, popular cryptocurrencies such as Cardano, Uniswap, Ripple, and Litecoin have continued to plunge. They aren’t in a hole or anything, but it’s a downward trend that can see them plunge even more.
Bitcoin’s fortunes seem set on an all-time high that could come sooner rather than later. According to experts, the fantastic bull run is attributed to whales, not short liquidations. That’s a big departure from the trend that has been present on the market in the past few months. All for the positive, of course. Bitcoin has surprisingly risen out of the blue and its run seems to have no end in sight.
After the market crash in May, Bitcoin bulls have shifted their focus to NFTs. That seemed short lived, and now the bulls’ focus is fully on the leading cryptocurrency.
Mark Cuban Supports the Big Cryptos
Big time Bitcoin investor and Dallas Mavericks owner Mark Cuban has once again reiterated his support for Bitcoin. He also mentioned Dogecoin and Ethereum as great picks for new investors, stating that not all cryptos are equal. He acknowledged the market boost in the past year, but overall, he believes those three cryptocurrencies are the best picks for investors.
This isn’t the first time Cuban has spoken up on cryptocurrencies. The Shark Tank investor has amassed a fortune worth over $4 billion in his career, so he clearly knows more about investing than others. In 2018, he announced that the Mavs are openly accepting Bitcoin as ticket payment. The franchise has seen a great boost in financial terms since then, and it’s all because of Cuban’s quick thinking.
If he says that Dogecoin, Ether, and Bitcoin are good investments, we choose to believe him.