LTC - Why Altcoins Like Cardano and Shiba Inu Rocketed Higher This Week
2024-07-12 18:28:51 ET
At times, it seems like the cryptocurrency market is basically a pack of wolves or a school of fish -- a collection of individuals moving in concert, in reaction to an event. This week was one of those times, with positive macroeconomic developments encouraging the crowd to move higher. A score of altcoins notched double-digit gains over the week. Investors didn't seem to discriminate as to the type of coin or function.
As a result, cryptos as diverse as meme coin Shiba Inu (CRYPTO: SHIB) and smart contract platform Cardano (CRYPTO: ADA) zoomed skyward, with the former rising by almost 12% and the latter gaining nearly 17%, according to data provided by S&P Global Market Intelligence . Litecoin (CRYPTO: LTC) and Filecoin (CRYPTO: FIL) were also in the double-digit club, with respective increases of 12% and 11%.
That's the sort of reaction that occurs when very favorable economic news hits the headlines. Crypto investors were excited about the very positive data from the federal government's Bureau of Labor Statistics handed down on Thursday. For June, the consumer price index (CPI), essentially a "basket" of prices, fell by 0.1% from May, thanks in no small part to notable declines in gasoline and other energy costs.
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Why Altcoins Like Cardano and Shiba Inu Rocketed Higher This Week