The cryptocurrency market is currently facing a correction. This decline occurred after Bitcoin
(BTC) dropped to just below $93,000. The global cryptocurrency market cap fell by 2.9% in the past 24 hours to $3.35 trillion. Shiba
Inu (SHIB) is following the market trend, facing a 2.3% correction on the daily chart and a 0.9% correction on the 14-day chart.
Despite the decline, SHIB has still maintained some gains in other time periods. The asset has increased by 1.7% on the weekly chart, 44.49% on the monthly chart, and 198.4% since late November 2023.
Why is the cryptocurrency market sluggish?
The current market decline may be due to increased volatility, as Bitcoin (BTC) reached an all-time high of $99,645.39 on November 22, 2024. As the original cryptocurrency approaches the $100,000 mark, market participants may have taken profits.
Omid Malekan, a professor at Columbia Business School, stated, "The volatility of Bitcoin during bull markets tends to be greater than during bear markets."
Shiba Inu (SHIB) and other cryptocurrencies follow the trajectory of BTC.
The price of Shiba Inu on December 1, 2024
According to
data from CoinCodes, SHIB is expected to experience a price surge in the coming days. The platform predicts that the dog-themed cryptocurrency will trade at
$0.00005094 on December 1, 2024. Achieving $0.00005094 from the current price level would result in approximately a 107.07% rebound. CoinCodex expects SHIB
will not maintain its price above $0.00005 in the long term. The platform predicts that by mid-December 2024, the price will correct to around the current level.
Changelly
analysts are also optimistic about SHIB's prospects in the coming days. The platform expects the asset to rise to $0.0000492
on December 1, 2024. Achieving $0.0000492 from the current price level would result in an approximate increase of 100%. Like CoinCodex, Changelly also predicts that SHIB
will drop to around the current level by mid-December 2024.
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