Why Altcoins Were Skyrocketing in Price This Week
For what feels like the umpteenth time this year, cryptocurrencies were having quite a stretch over the past few trading days. Buoyed by lingering optimism following the presidential election, they recently got an extra boost when one of their ilk finally vaulted over a very high price level. Aided by this, many cryptos, no matter how obscure or lightly capitalized, were booking double-digit price gains.
For example, as of early Friday morning, according to data compiled by S&P Global Market Intelligence, adorable dog-themed meme token Shiba Inu (CRYPTO: SHIB) had advanced by almost 18% and the more utilitarian Cardano (CRYPTO: ADA) was up by 12%. Meanwhile, Litecoin (CRYPTO: LTC) and Chainlink (CRYPTO: LINK) were soaring even higher, with respective increases of 35% and 32%.
Those gains are undeniably impressive, but the No. 1 star of the week was not an altcoin. It was the pioneering and leading name in this asset class, Bitcoin. The coin smashed its all-time high price and did so in style, crossing the $100,000 mark after a run of nail-biting days bouncing around just under that level.
Source Fool.com