Alternative cryptocurrencies or altcoins are gaining ground relative to Bitcoin, suggesting that traders are taking on more risk as the recent sell-off stabilizes. This follows as Ethereum rallies against Bitcoin for the second straight day. At the time of press, Ethereum was up 2.18% in its BTC pairing, alluding to the present run seen in the altcoin market.
As of press time, Several altcoin tokens were recording gains over 10% while the market trades in green. Tokens such as Terra (LUNA), Hedera (HBAR), Helium (HNT), Kadena (KDA), Arweave (AR) were recording 24-hour gains between 20% to 35%. Bitcoin’s price is attempting to stabilize around $48,000 after a significant drop earlier in the week. BTC was trading around $48,302 at press time.
The Bitcoin Fear & Greed index is around the low levels seen in late September, which preceded a BTC price recovery. The index suggests the market sentiment in “fear” mode, which some analysts view as a contrarian signal as buyers gradually return to the market. Bitcoin price reached highs of $49,500 on Dec. 16 as the U.S. Federal Reserve stated it will maintain a target rate range between zero and 0.25% and increase the pace of monthly asset tapering to $30 billion.
Shiba Inu Likely To Burn Zeros in 2022
Despite the flat price action seen for Shiba Inu, some analysts believe that the token’s gains are far from over. This is due to the growing acceptance of SHIB as a payment means. The SHIB road map is also packed with interesting projects such as the Shibarium.
Shibarium will be home to ambitious projects like the Oshiverse metaverse game; developers recently announced that AAA game developer Playside Studios will play a key role in creating this product. A conservative prediction from CoinPriceForecast expects SHIB to drop a zero and reach $0.00011 in 2022
Ethereum Might Continue To Outperform Bitcoin in 2022
In the last 24 hours, Ethereum (ETH, +6.83%) gains have outpaced that of Bitcoin (BTC, +1.27). In the year 2021, Ethereum is up 584.9% while Bitcoin rose 146%, according to CoinGecko data. If current trajectories continue, Ethereum may continue to outperform Bitcoin in 2022.
Cryptos Will Become More Accepted as a Payment Source
There is a growing trend of cryptocurrency adoption for payments in this present year, and the trend seems likely to continue into 2022. Recently Flexa announced SHIB integration for payment of goods and services with SHIB.
This comes after BitPay, a crypto payment integration platform announced Shiba Inu support. Shiba Inu developers also announced the token could be used to pay for goods at tech e-retailer Newegg.
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