It’s not just Bitcoin and Shiba Inu: Crypto’s amazing run in 4 charts
Bitcoin, Ethereum, Polkadot, Solana, Dogecoin, Shiba Inu. It doesn’t matter which, they’re all up.
Cryptocurrency traders boosted the price of digital coins past their pre-selloff May peaks to all-time highs in October.
The historic October climb extended beyond just crypto, of course. The S&P 500, Dow, Nasdaq, and Stoxx Europe 600 had impressive October runs (and hit all-time highs on Nov. 1). But leading them all was the king of crypto, Bitcoin, which hit an all-time high near $67,000 Oct. 20 and closed the month with a 28% monthly gain.
The past week has been especially bullish for cryptocurrencies, pushing the global crypto market cap to a record of more than $2.6 trillion on Oct. 30. Ether, the native cryptocurrency of Ethereum, the most used blockchain, reached an all-time high of $4,403.93 on Oct. 29. Even a cryptocurrency inspired by Netflix’s hit show Squid Game exploded among traders, with the play-to-earn token SQUID gaining 86,249% in the week that ended last Friday. (It has since collapsed, however, heightening suspicions the entire venture was a scam.)
The most impressive of all gains were made by Shiba Inu, otherwise known as the “Dogecoin killer.” The social media–driven puppy crypto shot up by 33% in one day, Oct. 27, as it chalked up a 777% gain in the 30 days that ended Oct. 29. Shiba Inu’s market cap is now over $39 billion, moving it ahead of Dogecoin to become the ninth most valuable cryptocurrency token in the world, according to CoinGecko.
Shiba Inu was not alone in its eye-popping gains, of course. Perhaps the most jaw-dropping number was posted by Polygon, an India-based and Ethereum-based coin, with its 9,372% rise since January, thanks to a 50% rise in the past two weeks.
As Bitcoin doubled in value year to date, it knocked crude oil to the No. 2 spot on Fortune’s Bull Sheet leaderboard for the year—leading some to ask whether crypto has become a hedge against soaring high crude prices. (Bull Sheet author Bernhard Warner is not convinced.)
And while people like Peter Thiel worry that the high price of crypto indicates the economy is facing real (and not transitory) inflation, that doesn’t mean they don’t like a good rally. On Sunday he told a conference audience that he regretted not buying more Bitcoin earlier.
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