Why Altcoins Were Zooming Higher on Wednesday
When the financial history books are written, 2024 is sure to be recorded as a banner year for the burgeoning crypto industry. Market-boosting catalysts, from the introduction of spot exchange-traded funds (ETFs) to a presidential election that delivered a crypto-friendly administration to the White House, seemed to occur every few weeks. On Wednesday, yet another positive development pushed the prices of many coins and tokens higher.
As with other 2024 rallies, this one was broad and deep. Holders of top utility tokens Solana (CRYPTO: SOL) and Cardano (CRYPTO: ADA) did well, with their assets rising by nearly 7% and almost 8%, respectively. Shiba Inu (CRYPTO: SHIB), a meme crypto whose developers are pushing hard for respectability, advanced by just under 9%, while Bitcoin (CRYPTO: BTC) fork Bitcoin Cash (CRYPTO: BCH) was trading nearly 6% higher.
Speaking of Bitcoin, the leading cryptocurrency was at the heart of this latest rally. Wednesday morning it once again crossed over the $100,000 level, for the first time since breaching that psychologically important barrier nearly one week ago.
Source Fool.com
