Bitcoin Surges Above $42,000 and Shiba Inu Leads a Surge in Meme Tokens

Crypto Technology

On Monday, a positive U.S. jobs data bolstered overall market confidence, with Bitcoin staying stable above $42,000 and Shiba Inu leading a spike in meme tokens.

Bitcoin, the world’s most valuable cryptocurrency, has increased 2.8 percent to $42,689 in the last 24 hours. Bloomberg reports that it has risen above its 50-day moving average for the first time in more than two months.

CoinDesk’s second-largest digital currency, Ether, has increased 1.9 percent in the last 24 hours to $3,064. Ether, the cryptocurrency that underpins the Ethereum blockchain network, reached $3,000 for the first time in roughly two weeks over the weekend.

Shiba Inu (SHIB) has just regained a market valuation of $15 billion, causing a new surge of market activity surrounding it. The latter represents a reasonable recovery and a one-of-a-kind threshold value for the SHIB token thus far.

The Shiba Inu’s $15 billion market value excites all crypto enthusiasts worldwide, particularly the “SHIBA Army” group. As a result, traders began a more competitive crypto trading adventure due to this. At the same time, crypto apes and other Shiba Inu die-hard admirers are ecstatic that the SHIB coin has reached such a significant milestone.

Furthermore, speculators believe Shiba Inu is poised to thrive once more, similar to its prior success in the fourth quarter of 2021. On the other hand, even though the values of several other meme coins have risen dramatically, SHIB token’s performance currently indicates that it poses a danger to its rival crypto Dogecoin (DOGE) and many other Altcoins.