BTC is way above the mark of $30k, and experts are weighing in with their opinions about how Bitocin can end up benefiting the entire crypto community. Highlights are that if Bitcoin performs well on the board, it brings a more optimistic picture for memecoins like SHIB. Needless to say, the effect spans across other tokens as well, which observe a jump in their exchange value after conversion to the US dollar.
The first opinion is from Market Mojo. They believe that Bitcoin shining on the board is a sign that there are positive vibes in the ecosystem of digital assets. Altcoins like SHIB carry forward the momentum after the torch is passed to them, or rather, when the limelight is shared with them.
This is evident from the fact that SHIB has jumped 8.86% in the last 24 hours, with BTC seeing an increase of 0.89% during the same time. SHIB is now valued at $0.000007999 as BTC touched $34,444.68. All the figures were true at the time of articulating this piece. Shiba Inu prediction estimates that the token could reach the milestone of $0.0000220 by the end of this year.
Investor Swagger believes that BTC with an upward trajectory is better at any given time since it instills a sense of confidence in the minds of investors. They often divert their funds to altcoins like $BONE. Similarly, Liquid Love has stated that the triumph of Bitcoin brings more traders and investors into the ecosystem, taking liquidity to a better position along with trade volume.
That is a single point where the community is likely to disagree for a while. BTC’s trading volume is down by 27.50%, while SHIB’s is up by 73.57%. A relationship with the trading value does make one consider that it is ultimately the token value that has affected the trading volume.
Spotlight Stealer has said that BTC grabbing media attention simultaneously brings altcoins like BAD under the light, increasing awareness and exposure about them. Time to Shine, however, has taken a slightly different stand. They have sought patience from the community since reinvestment in altcoins takes time. Time to Shine has said that the community must consider a long-term perspective while investing in SHIB and other memecoins.
All of the expert opinions stated and discussed above have received unanimous support from crypto community members, especially the SHIB community.
Bitcoin is beyond the resistance level, paving the way for hopes that it could soon touch its all-time value of $65k. Holders are bullish with the sentiment that the milestone could be dragged before the year ends, further onboarding members into the ecosystem. Interestingly, BTC Halving and Spot Bitcoin ETF are on the table and expected to happen in the next year. Meaning, prices could move higher in 2024.