Ethereum, Dogecoin and Bitcoin Cash Are Benefiting From BTC’s Rally

By Decrypt December 05, 2023 In Bitcoin, Bitcoin Cash, Cryptocurrencies, Dogecoin
Shiba Inu and Dogecoin are popular cryptocurrencies named after dogs. Image: Shutterstock.

Bitcoin’s surge may be getting the headlines, but a number of altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also experiencing big gains.

Dogecoin, the biggest meme coin in existence and the 10th largest digital asset by market cap, was last week’s biggest gainer and is still gaining today: over the past 24 hours, it’s closing in on a 5% gain and is trading hands for $0.08.

Meme coin Shiba Inu has also seen sizable gains, having risen nearly 6% in the past day. The Dogecoin competitor and meme coin is the 19th biggest cryptocurrency by market and is right now trading for $0.00000888.

Meme coins—volatile cryptocurrencies based on Internet memes—last week got a boost after a number of new tokens sprung into existence following the deaths of legendary investor Charlie Munger and divisive diplomat Henry Kissinger. But the meme coins have already seen their moment pass. MUNGER has done less than $1,000 in volume in the past 24 hours and the Kissinger token has seen none of the tokens change hand at all since yesterday.


Ethereum, the second biggest digital currency by market cap, is also up, having gained more than 2% in the past day. It is currently priced at $2,208 per coin.

All eyes are on Bitcoin, though, which has continued to hit highs not seen since the biggest coin in existence crashed in May 2022.

Renewed interest has flooded the market as investors are optimistic that the Securities and Exchange Commission will approve a spot Bitcoin exchange-traded product after 10 years.

The asset has surged by over 12% in the past week but is still well below its November 2021 all-time high of $69,044; it is currently priced at $41,256 per coin.

Meanwhile, Bitcoin spin-off Bitcoin Cash (BCH) has been one of the best performers of the top 20. Its price has risen 7.5% in the past 24 hours. At the time of writing, BCH is is trading for $244.28, according to CoinGecko.

Over the last seven days, the altcoin, which aimed to be a faster and cheaper version of Bitcoin, is up 8.5%.

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