The current rally in cryptocurrencies is helping to lift the prices of smaller digital tokens such as Cardano (ADA) and Dogecoin (DOGE).
Bitcoin’s (BTC) price is now at $43,800 U.S., having risen more than 150% this year and at its highest level since April 2022.
The current rally is now starting to broaden out and result in gains for smaller, less widely known cryptocurrencies.
Prices for so called “altcoins,” or cryptocurrencies other than Bitcoin and Ethereum (ETH), have risen 67% in the last week, reaching their highest level since March 2022, according to market data.
The price of Solana (SOL) has risen 6% during the past seven days to $61 U.S., while Cardano has gained 5%, and meme token Dogecoin has advanced 7%.
Optimism that Bitcoin exchange-traded funds (ETFs) will soon be approved by U.S. regulators and expectations for lower interest rates in the year ahead are fueling the current rally.
Ethereum, the second largest crypto by market cap after Bitcoin, has seen its price increase 88% in 2023 to trade at $2,252.00 U.S.
