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SHIB's 106% Move Higher Led CoinDesk 20 Gainers Last Week: CoinDesk Indices Market Update
Bitcoin cash and ethereum classic also posted significant gains as all 20 cryptos in the gauge appreciated.
Updated Mar 9, 2024, 6:11 a.m. Published Mar 8, 2024, 5:16 p.m.
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CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).
Meme coin shiba inu {{SHIB}} continues to see outsized gains among the CoinDesk 20, more than doubling in value so far this week and now up nearly 2.5x month-to-date. Bitcoin cash and ethereum classic {{ETC}} have also emerged this week as outperformers, up 38% and 28%, respectively.
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ChainLink and Avalanche {{AVAX}} have been laggards, gaining only 1.4% and 4.5%, respectively.
Among the 189 members of the broad market CoinDesk Market Index, pepecoin continued its surge, now higher by six-fold over the past month.
The CoinDesk 20 tracks the world's largest and most-liquid cryptocurrencies in an investible index available on multiple platforms. The broader CoinDesk Market Index comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
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Bitcoin pops then drops as Supreme Court strikes down Trump tariffs
As has been typical in crypto markets of late, even the most modest move higher was met with immediate selling.
What to know:
- The U.S. Supreme Court struck down President Trump's tariffs.
- The news quickly sent bitcoin higher by about 2% to above $68,000, but the gains proved fleeting, with BTC quickly returning to the $67,000 level.
- Earlier Friday, U.S. economic data showed slower than expected economic growth alongside higher than hoped inflation.
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