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Bitcoin rally lifts memecoins as doge and shiba inu tokens soar

Dogecoin crypto token. Bitcoin rally
Dogecoin has risen 10% on back of bitcoin rally. Photo: Beata Zawrzel/NurPhoto/Getty (NurPhoto via Getty Images)

Bitcoin has sustained its rally well into a second week, and is nearing the $35,000 mark. The rally has lifted tokens at the top of the memecoin market cap, such as dogecoin, shiba inu, and the uniquely-named harry potter obama sonic 10 inu (HPOS10I).

Bitcoin (BTC-USD) has risen by about 22% in the past week, now changing hands at $34,655, (£28,675) according to CoinGecko data.

Read more: Crypto live prices

As the cryptocurrency market cap has risen by 3% in the past 24 hours to reach $1.32tn, traders appear to be adjusting their strategies to make riskier bets on memecoins.

In the past 24 hours, top memecoins such as dogecoin (DOGE-USD), shiba inu (SHIB-USD), and HPOS10I (BITCOIN-USD) have all rallied, up 10%, 11%, and 16% respectively. HPOS10I has made the most impressive gains if we zoom out to the week-long scale, with a rally of 114% in the past seven days.

The logo of the HPOS10I memecoin, which is represented by the BITCOIN ticker, was recently featured on an F1 car. This is an example of the growing enthusiasm among memecoin communities that strongly support these tokens.

The memecoin sector of the cryptocurrency space has been swept into rising action by the steady march of bitcoin over the last two weeks. Traders anticipate the world's largest digital asset by market capitalisation will soon have its own spot bitcoin exchange-traded fund (ETF).

A spot bitcoin ETF is a financial product that investors hope will open the gateway for mainstream capital to flood the crypto market.

Why does the crypto sector need a spot bitcoin ETF?

Several key factors highlight the importance of a spot bitcoin ETF and its potential impact on the cryptocurrency market:

  1. Regulatory Oversight: An ETF would be under US regulatory jurisdiction, lending it credibility.

  2. Retail Accessibility: ETFs are more accessible to the general public, opening the door to more widespread bitcoin investment.

  3. Investor Protection: The US Securities Exchange Commission’s (SEC) role in ensuring that the financial product meets rigorous standards would enhance the appeal of an ETF.

  4. Institutional Adoption: With the potential for significant investments from pension and mutual funds, an approved spot bitcoin ETF could funnel billions into the crypto market.

According to a report, the approval of a bitcoin spot ETF may generate $600bn in new demand for the digital asset. According to Cointelegraph, CryptoQuant analysts believe that an ETF approval will lead to a $1tn increase in bitcoin’s market capitalisation. The current market capitalisation of bitcoin is $675bn, according to CoinGecko.

Watch: Google is 'democratising AI' for non-expert business app creation | The Crypto Mile

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