Bitcoin reached $44,000 on Thursday making it touch a yearly high in 2023. BTC began the year trading at a low of $16,500 and sustainably scaled up in price despite the odds. The leading cryptocurrency is now attracting bullish sentiments by receiving a large inflow of funds from various quarters, including institutional investors. Bitcoin’s rise is also helping leading altcoin and other cryptocurrency tokens such as Shiba Inu (SHIB), among others.
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Bitcoin Pushes Shiba Inu To Delete a ‘Zero’
The king cryptocurrency Bitcoin is now pushing Shiba Inu (SHIB) to delete a ‘zero’ in the indices. Shiba Inu was trading at $0.000007 levels before BTC shot up in price but is now nearing the $0.00000971 mark. Another leg-up could send SHIB to the $0.00001 level making it delete its fifth ‘zero’ due to Bitcoin’s help.
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A handful of investors who reaped profits from Bitcoin are also now investing in leading altcoins such as Ripple’s XRP, Cardano (ADA), VeChain (VET), and Shiba Inu, along with its competitor Dogecoin. The overall cryptocurrency market is now brimming with fresh enthusiasm making investors reap decent profits.
This isn’t the first time that Bitcoin has driven other altcoins to move in tandem with its steady price rise. BTC has been the market leader and any signals indicating its rise and made other tokens rally along with it. Therefore, Bitcoin profits have a trickle-down effect, and the spillover benefits Shiba Inu, XRP, ADA, and other cryptocurrencies.
Also Read: The Race to $1: Will Shiba Inu or Dogecoin Get There First?
Additionally, the Bitcoin halving is on April 20, 2024, and BTC is expected to rise in the next four months. Read here to know more details about the Bitcoin halving and how the development helps the cryptocurrency markets to spike.
At press time, BTC was trading at $44,000 and up close to 1% in the 24-hours day trade. On the other hand, Shiba Inu was trading at $0.00000971.