Friday, December 3

Market Watch: Shiba Inu Rebounds 20% as Bitcoin Struggles With $60K

Bitcoin continues with its untypically flat price movements as the cryptocurrency has stalled around $61,000 once again. Most altcoins have marked minor losses in a day, while Shiba Inu has recovered roughly 20%.

Shiba Inu Bounces Off

Most of the altcoin space is in the red today after the recent gains. Ethereum, which saw new all-time highs just days ago, is down by a bit more than 1% on a 24-hour scale and stands below $4,500.

Cardano has slipped to $2, while Ripple, Polkadot, Dogecoin, Terra, and Avalanche have all dipped by a similar percentage – around 3%.

In contrast, Solana has jumped to nearly $250 after a 1.5 increase, while BNB has tapped another six-month high after a 4% daily surge.

The most significant gainer from the larger-cap alts is Shiba Inu today. The popular meme coin was rapidly dumping in value after its ATH last week but has bounced off now. An 18.5% increase has driven SHIB to nearly $0.00006.

However, other coins such as Arweave (-14%), OMG Network (-11%), eCash (-10%), Fantom (-8%), SushiSwap (-8%), and Nexo (-7%) have painted more losses.

As a result, the cumulative market capitalization of all digital assets is down by $50 billion in a day to $2.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

BTC Struggles at $61K

The primary cryptocurrency hit a two-week high of over $64,000 on November 2nd, but its inability to continue upwards has caused it dearly. Instead of challenging the ATH at $67,000, the bears intercepted the move and pushed the asset south.

In the following days, BTC was gradually losing value and even touched $60,000 after inflation news came from the United States. Despite bouncing off immediately and surging to $63,000, the overall situation has continued to worsen in the past 24 hours.

BTC stood around $62,000 before it dipped to $61,000 and even lower. As of now, it has calmed around that level, but its market cap is down to $1.150 trillion, while the dominance over the alts has slipped to 42.5%. Just a few weeks ago, the latter was up to 47%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

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