Crypto news: Bitcoin hits highest price in 5 months, Shiba Inu token gains 216% after Elon Musk posts dog picture on Twitter

The volatile crypto market is always good for a surprise. After the traditional stock market has suffered significant losses over the past week mainly due to an uncertain economic outlook, many cryptocurrencies have gone the opposite way and surged. That specifically applies for the most popular crypto currency as well as a lesser-known token.

On Wednesday alone, Bitcoin has rallied 10 percent and thereby hit its highest mark in five months. One BTC, which can also be bought as a physical coin on Amazon, is currently worth around US$55,000. The jump was caused by a statement by Fed chair Jerome Powell in which he clarified that there won't be a crypto ban in the United States. In addition to that, several large American banks have since asserted their rather positive mindset regarding cryptocurrencies and their undeniable relevance in the financial sector. The current price of Bitcoin is still 15 percent below an all-time-high that was achieved in April 2021.

The considerably less popular Shiba Inu Coin, which is listed under the code SHIB, rallied by more than 200% after Tesla founder and CEO Elon Musk has indirectly mentioned the digital currency in a post on Twitter that contains an image of a Shiba Inu dog. With an overall market value of more than US$10 billion, the Shiba Inu token is the 20th largest cryptocurrency in the world. It remains to be seen whether the meme coin can maintain its climb in the next couple of days.