Shiba Inu Surges; Bitcoin Experiences Its Longest Rally Since September

Bitcoin rose for the fifth consecutive day, the longest winning streak since September, as investors re-embrace risk assets across global markets.

The most valuable cryptocurrency in terms of market capitalization increased by up to 3.2 percent to $43,017. XRP increased by up to 16 percent as so-called alt coins rallied further. Shiba Inu led the way for memecoins, which increased by 24 percent, according to CoinMarketCap.

 

In recent weeks, global markets have been thrown for a loop as investors consider the possibility of rapid monetary tightening. Following a record high of nearly $69,000 in early November, Bitcoin dropped by up to 50% in what has been dubbed a “crypto winter.”

 

“On a fundamental level, little has changed for Bitcoin since last Friday, so we may be seeing a short squeeze in the market,”

said Nathan Batchelor, lead Bitcoin analyst at SIMETRI Research. “A quick glance at the order book data reveals that the market is still short, so a break above $43,000 could cause the current up move to target the $45,000 level.”

 

Bitcoin’s relationship with stock indices has grown stronger in recent months, particularly with the technology-heavy Nasdaq 100 index. The Nasdaq and Bitcoin currently have a correlation of 0.43.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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