Tuesday, September 26, 2023

SHIB Soared 12% While Bitcoin Slips To $20K Again: Analysis

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SHIB soared 12% taking the main stage with its double-digit price surges while BTC slipped to $20,000 once again and most other coins are in the red as well as we can see in our latest altcoin news today.

After a few days of recovering, BTC Slipped and reversed its trajectory and dropped to $20,000 with most other altcoins being in the red as well aside from Shiba Inu which soared and made some impressive gains. After last week’s massacre culminating in an 18-month low of $17,500, the cryptocurrency recovered some gains. It bounced off the line fast, challenged the $20,000 level a day later, and broke above the coveted line while still increasing and hitting the $22,000 price range.

shiba inu
SHIB 24-hour Price Chart (Source: Coingecko)

However, it failed at that point and started losing value gradually which resulted in a drop of $20,000 the asset managed to sustain above this level and now trades over it. The market cap declined to below $400 billion with its dominance being down to 43.3%. Bitfarms as one of the biggest miners had to sell up to 3000 BTC and adjust its HODL strategy amid the market crash. Gareth Soloway who predicted the BTC rise and drop said the asset is not out of the woods and can drop to $10,000 in the next few weeks.

With BTC losing 50% of its value in a week, the number of “BTC dead” google searches surged to a yearly high. Most of the altcoins followed BTC south in the past day and ETH is again among the biggest losers with a 7% decline while still being back below $1100. DOT, SOL, and Cardano all dropped by similar percentages. In contrast, Shiba Inu and LEO soared on a 24-hour scale and SHIB jumped by 12% in a day and now sits at $0.00009 while LEO is close to $6 after an increase of 7%. The crypto marekt cap lost $30 billion in one day and dropped below $900 billion.

Crypto Heatmap (Source: Quantify Crypto)

In the other crypto news, we are seeing Tether launching its fiat currency stablecoin backed by the British Pound. Despite confirming that he still owns BTC, Elon Musk said he doesn’t urge people to invest in crypto, and also the team behind Bored ape Yacht Club said they partnered with Rolling Stone to launch a special edition digital collection.

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