The recent Bitcoin price surge has sparked an altcoin boom. The market cap reached over $800 billion as BTC jumped to a high of $44,000 – the highest point since April 2022. Some analysts suggest that, with the upcoming halving, potential interest rate cuts by the Federal Reserve and an expected approval of a spot Bitcoin ETF, BTC could even reach $100,000 in 2024.
Halving is due to take place in April 2024, and historically BTC tends to thrive leading up to it. Economists predict that the Fed will start cutting interest rates in the first half of the year. According to the futures market, the rates will be cut by 0.25% in March 2024 and a further two times later in the year. Bitcoin and other cryptos tend to do well in periods of high-interest rates.
The Securities and Exchange Commission (SEC) are currently reviewing a spot Bitcoin ETF. Companies such as Blackrock, Invesco and Franklin Templeton have addressed the SEC’s concerns and possess a wealth of experience in filing and managing ETFs. With such a strong portfolio, the ETF is expected to be approved.
The altcoin season has seen several tokens, such as Solana, Bonk, Shiba Inu and Marinade Finance, surge in value. Meme coins, such as Milady Meme Coin (LADYS), Bonk and Pepe, have also experienced a significant rise in worth – with Bonk and Pepe now being valued at over $600 million and $500 million respectively.
As a result, Shiba Memu has seen demand for its token, and investors have raised over $4.7 million. Shiba Memu is a meme token, with artificial intelligence being used to self-market. After the presale period ends, the token will be listed on key exchanges. Analysts suggest that if altcoin season continues, the price of Shiba Memu will soar. You can buy the Shiba Memu token here.