ADA, SHIB and XRP Surge as Bitcoin Climbs $17,000: Details




Tomiwabold Olajide

Several altcoins posted mild gains alongside a flash gain in Bitcoin price

At press time, major cryptocurrencies Cardano (ADA), XRP (XRP), Shiba Inu (SHIB), and Polygon (MATIC) posted gains of between 5% and 15%. Bitcoin suddenly reclaimed the $17,000 mark after falling to intraday lows of $15,748 as the Consumer Price Index Data published on Thursday revealed that inflation slowed more than expected in October, which is good news for the Federal Reserve after months of making sporadic progress in reducing inflation.

Although inflation remains high, it fell significantly last month. Consumer prices rose 7.7% for the year to October, less than the 7.9% economists had expected and down 8.2% for the year to September. Between September and October, monthly price increases increased by 0.4%, equaling the previous month.

The “core” inflation rate slowed from 6.6% in the previous reading to 6.3% annually. Fed Chairman Jerome Powell also hinted at a modest rate hike by the central bank in 2011.

The crypto market had previously dropped earlier in the week on the news of the FTX blowout. Prices fell further after investors learned that Binance was pulling out of the FTX acquisition deal.
ADA, SHIB and XRP rise as altcoins recover.

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At press time, several altcoins saw slight gains alongside the sudden gain in Bitcoin price. Cardano (ADA) was up 4.5% at $0.37. With a market capitalization of $12.75 billion, Cardano currently ranks as the eighth largest cryptocurrency, displacing the meme cryptocurrency to ninth place.

Shiba Inu rose 5% as it erased an additional zero from its price. At press time, it was trading at $0.0000104. According to the Shibburn website, the Shiba Inu’s burn rate increased nearly 500%. Meanwhile, 5,712,508 SHIBs were burned in the last 24 hours.

XRP is up slightly over 2% in the last 24 hours and is trading at $0.384 at press time. Ripple is gaining more support in the ongoing lawsuit, as Reaper Financial, which uses XRPL and the native asset XRP, has requested permission to file an amicus curiae brief in support of Ripple’s defendant’s motion for summary judgment.

At press time, BTC was trading at $17,431.