Bitcoin dipped slightly Monday morning in Asia, having hovered around the $29,380 level throughout the weekend. Ether and most other top 10 non-stablecoin cryptocurrencies by market capitalization were little changed. The exceptions were Dogecoin, which saw a significant dip, and Shiba Inu. The dog-themed memecoin surged ahead of its upcoming layer-2 network launch. Elsewhere, the Forkast 500 NFT index dropped after a week of green ink, while risk sentiment in U.S. equities improved as traders assess the latest inflation data. Investors now await a raft of earnings reports throughout the week.
Shiba Inu cracks top 10 non-stablecoin crypto list
Bitcoin dipped 0.10% in the last 24 hours to US$29,375.75 as of 5:45 a.m. in Hong Kong but added 0.96% for the week, according to CoinMarketCap data. The world’s largest cryptocurrency hovered around the same price level throughout the weekend.
Ether was up 0.11% to US$1,849.50 for a weekly gain of 1.00%.
Analysts continue to predict a market upswing ahead of various U.S. application rulings for spot Bitcoin exchange traded funds (ETFs).
In June 2023, BlackRock and a number of major U.S. financial institutions filed applications with the U.S. Securities and Exchange Commission (SEC) to create spot Bitcoin ETFs. The SEC has previously rejected several spot Bitcoin ETF applications, citing concerns about market manipulation and volatility. However, the recent burst of applications has raised hopes that investors may soon see a spot Bitcoin ETF.
The SEC was expected to announce its decision on Ark Investment’s Spot Bitcoin ETF application on Aug. 13. However, the regulator said in a Friday filing that it will solicit public comment on the ETF proposal, effectively pushing back the deadline.
“Although the chances of imminent ETF-related news are slim, any announcement would likely have a more pronounced effect on BTC than on ETH,” said Luuk Strijers, chief commercial officer of Panama-based crypto derivatives exchange Deribit.
“We are observing a slight uptick in BTC, especially visible versus ETH. A potential catalyst for this could be the looming ETF news on the shorter term and the halvening impact on the longer run,” Strijers added.
Bitcoin’s next halving event is expected to take place in April 2024. The halving event will see the amount of new Bitcoin issued cut in half, increasing its scarcity. This is widely anticipated to produce a surge in the token’s price.
Other top 10 non-stablecoin cryptocurrencies were largely static Monday morning, with the exception of memecoins Dogecoin and Shiba Inu.
While Dogecoin dropped 2.11% to US$0.07524, slipping 0.25% in the last seven days, the Shiba Inu memecoin briefly cracked CoinMarketCap’s top 10 cryptocurrency list over the weekend. It pushed Polkadot’s DOT down to eleventh in terms of market capitalization. The meme token then fell 3.01% to US$0.00001042 over the past 24 hours, but still recorded an 11% gain for the week.
The developers behind Shiba Inu are expected to launch its layer-2 network, Shibarium, at an unspecified date in the near future. The update aims to provide self-sovereign identity (SSI) protocols for improved user security, according to a Shiba Inu blog post uploaded on Aug. 6.
The total crypto market capitalization grew 0.09% in the past 24 hours to US$1.17 trillion, while trading volume also increased 7.08% to US$17.82 billion.
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- Source: https://forkast.news/shiba-inu-surges-degods-season-3/
