The recent Bitcoin price surge has helped spur a major altcoin boom. Bitcoin price jumped to over $44,000 this week for the first time since April 2022, giving it a market cap of over $800 billion. This rally raises the opportunity that Bitcoin could retest its all-time high of over $67,000 in the coming years.

Altcoin season is underway

Some analysts believe that Bitcoin will jump to over $100,000 in 2024 helped by the upcoming halving, potential interest rate cuts by the Federal Reserve and the approval of a spot Bitcoin ETF. 

Halving will happen in April 2024; in most cases, BTC tends to thrive ahead of that event. Meanwhile, most economists believe that the Federal Reserve will start cutting interest rates in the year’s first half. 

The futures market predicts that the Fed will cut rates by 0.25% in March 2024 and then deliver at least two more later in the year. Bitcoin and other cryptocurrencies thrive in a period of high-interest rates.

The other important catalyst is the ongoing review of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). Most analysts believe that the agency will ultimately approve the product since companies like Blackrock and Invesco have fixed its concerns. 

Besides, these companies have a long track record of filing and managing ETFs. Blackrock has over $9.2 trillion in assets while Invesco has over $1.47 trillion. Franklin Templeton has more than $1.5 trillion in total assets. As such, these are some of the best experts on ETFs.

Therefore, all these factors will likely lead to more inflows in both Bitcoin and altcoins like Ethereum, Cardano, and Polygon. We have already seen the alt season continue as most tokens like Solana, Bonk, Shiba Inu and Marinade Finance surged.

Shiba Memu to benefit in this rally

A key theme we have seen recently is the surge of key meme coins like Milady Meme Coin (LADYS), Bonk, and Pepe. These tokens are now worth millions of dollars and have made several millionaires along the way. Bonk is valued at over $600 million while Pepe is worth more than $500 million.

All this means that there is a room for more meme coins in the market. Shiba Memu is showing this as the developers have already raised over $4.7 million from investors, signaling that there is a demand for the token. 

Shiba Memu is an upcoming crypto token that is at the intersection of meme coins and artificial intelligence, a technology that has become popular this year. It aims to grow by using AI to self-market itself.

Shiba Memu’s token will next be listed in key exchanges after the presale period ends. Most analysts believe that the price will jump sharply after that if the altcoin season accelerates. You can buy the Shiba Memu token here.

The post Shiba Memu (SHMU) set to benefit as the alt season takes shape appeared first on CoinJournal.

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Filed under: Bitcoin - @ December 9, 2023 8:14 am