Why Altcoins Were on Fire Wednesday
The crypto winter we experienced earlier this year is quickly becoming a faded memory. The rally in all manner of digital coins and tokens showed no sign of abating Wednesday, with a clutch of altcoins doing particularly well on the day.
No one was laughing at meme coins that day; once figures of ridicule and derision, both Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) did well, with the former up by over 4% in mid-afternoon trading and the latter rising in excess of 5%. Not to be outdone, some more "serious" cryptocurrencies were flying higher. One prime example of this was Avalanche (CRYPTO: AVAX), with a more than 13% gain.
While it wasn't the only reason for Wednesday's pops, the performance of the top cryptocurrency (and arguably the class leader) Bitcoin (CRYPTO: BTC) was bringing on the bulls. Investors are in a speculative mood these days, as worries about inflation and other macroeconomic headaches fade. This is compounded by the -- some feel -- imminent approval coming for cryptocurrency spot exchange-traded funds (ETFs).
Source Fool.com
