Market Watch: Shiba Inu Rebounds 20% as Bitcoin Struggles With $60K
Bitcoin’s uncharacteristically flat price movements continue as the cryptocurrency remains stuck at $61,000. While most altcoins have experienced minor losses over the course of a single day, Shiba Inu has seen a roughly 20% recovery.
Shiba Inu bounces off
After recent gains, most altcoins are in the red. Ethereum, which hit new all-time highs a few days ago, has fallen by just a little more than 1% over a 24-hour period and is now below $4,500.
Cardano fell to $2 while Ripple and Terra have all fallen by around 3%.
Solana, however, has increased to almost $250 following a 1.5 increase. BNB, on the other hand, has reached another six-month peak after a 4% daily rise.
Today, Shiba Inu is the largest gainer among larger-cap alts. Popular meme coin, SHIB, was quickly losing value after last week’s ATH but is now back on track. SHIB has risen 18.5% to $0.00006.
Other coins, such as OMG Network (-11%) and Arweave (14%), Fantom (-8%), SushiSwap (8%) and Nexo (-7%) suffered more losses.
The cumulative market capitalization for all digital assets has fallen by $50 billion per day to $2.7 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
BTC Struggles at $61K
Although the primary cryptocurrency reached a two-week peak of $64,000 on November 2, its inability to keep going up has cost it dearly. The bears intercepted the move, and pushed it south instead of challenging the ATH at $67,000.
BTC lost value gradually over the next days and even reached $60,000 when inflation news from the United States came in. Despite the fact that BTC jumped immediately and climbed to $63,000, the overall state of affairs has continued to worsen over the past 24 hours.
BTC was around $62,000 when it crashed to $61,000, and then even lower. It has stabilized at $62,000, although its market cap has fallen to $1.150 trillion. Meanwhile, the dominant position over alts has dropped to 42.5%. The latter was at 47% just a few weeks back.
BTCUSD Source: TradingView
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