Why Altcoins Like Shiba Inu and Bitcoin Cash Triumphed on Tuesday
Although there were a few exceptions, for the most part cryptocurrencies were trading well into positive territory on Tuesday. Various types of coins and tokens happily joined the rally, with meme token Shiba Inu (CRYPTO: SHIB) bouncing almost 9% higher as of late-afternoon trading, Bitcoin (CRYPTO: BTC) fork Bitcoin Cash (CRYPTO: BCH) enjoying a nearly 8% lift, and video streaming platform token Theta Network (CRYPTO: THETA) rising 14%.
Of the three, only Theta Network had any market-shaking proprietary news pushing its value skyward. On Wednesday, in a post on Medium.com, its developer Theta Labs announced that its Theta EdgeCloud should launch on or around May 1. As its name implies, this is a decentralized cloud services platform; given how essential cloud computing has become in recent times, investors are excited by its potential.
Happily for Theta Labs, its announcement came at an opportune time for any coin or token, particularly if its name is Bitcoin. Investors continue to eagerly pour money into the hot crypto asset of the moment -- the spot Bitcoin exchange-traded fund (ETF).
Source Fool.com
