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Why are Shiba Inu, XRP, Ethereum, and Cardano Rising Today? | CoinGape
Shiba Inu, XRP, Ethereum, Cardano, and a few other altcoins are defying the crypto market today. Influenced by the Bitcoin price consolidation, the market faced a significant correction in the last few days. In addition, the US CPI data release uncertainty around the other key events put a momentary hold, but the trends are changing today.
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Shiba Inu, XRP, Ethereum, and Cardano Recover
After a momentary hiccup, the crypto market is flourishing today, and so is the prominent altcoin. Interestingly, Ethereum is surpassing Bitcoin in terms of gains, with a 6.24% rally, whereas the BTC price is just 1.5%.
In technical terms, it is part of the capital rotation, where capital is flowing from BTC to other digital assets, followed by the all-time high. With a 2.3% rally, XRP is trading at $2.96 with $175.07 in market capitalization, but still fails to attain the $3 milestone.
In the same trajectory, Shiba Inu, the famous meme coin, is also riding with bulls, with the price surging 6.25%, currently trading at $0.00001381 with $8.14 billion in market capitalization. In addition, Cardano is also attempting recovery with a 3.18% rally, with $26.66B in market capitalization, per CoinMarketCap.
 Source: CoinMarketCap, Crypto Market Heatmap
With this recovery, the crypto market’s capitalization has surged 2.3%, currently at $3.76 trillion.
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Why are These Altcoins Flourishing Today?
ETH’s successful breakout past the $3,000 mark has acted as the primary catalyst for the altcoins’ surge today. Despite the token carrying high popularity and demand, its performance remained limited until today, and the breakout fueled the investors’ trading sentiments.
Besides the high ETH ETF inflows and BitMine Immersion Technologies raising $250M in for the Ethereum treasury, has fueled the demand.
XRP’s surge is driven by Ripple Payments’ partnership with Dubai and the ongoing Crypto Week hype. However, the surge in Shiba Inu is all about the hype of the meme coin, especially on the revelation of one wallet holding 41% of the total supply.
Besides, the altcoin season index has witnessed a 45% surge in the last few days, with declining Bitcoin dominance and investors’ optimistic sentiments. Presently, it is at 35%, far from the altcoin season beginning, but the surge is enough to boost altcoins like Shiba, XRP, Ethereum, and others.
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Frequently Asked Questions (FAQs)
Ethereum’s breakout from the $3,000 resistance, ETF inflows, and the formation of an Ethereum treasury are driving its performance.
XRP is bullish mainly because of Ripple’s partnership with Dubai and the Crypto Week discussion.
Altcoin Season index has surged and Bitcoin dominance declined, but the altcoin season is still far from beginning.
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