The cryptocurrency market is currently facing a correction. This decline follows Bitcoin (BTC) dropping to just below $93,000. The global cryptocurrency market capitalization has decreased by 2.9% in the past 24 hours to $3.35 trillion.
Shiba Inu (SHIB) also follows the market trend, facing a correction of 2.3% on the daily chart and a correction of 0.9% on the 14-day chart. Despite the decline, SHIB continues to maintain some gains in other time frames. The asset increased by 1.7% on the weekly chart, 44.49% on the monthly chart, and 198.4% since the end of November 2023.
Why is the Cryptocurrency Market Declining?
The current market decline may be due to increased volatility as Bitcoin (BTC) reached a new all-time high of $99,645.39 on November 22, 2024. Market participants may have taken profits as the cryptocurrency approached the $100,000 mark.
According to Professor Omid Malekan of Columbia Business School, 'Bitcoin tends to be more volatile in bull markets than in bear markets.' Shiba Inu (SHIB) and other cryptocurrencies follow the trajectory of BTC.
Shiba Inu on December 1, 2024
According to CoinCodes, SHIB will experience a price increase in the coming days. This platform predicts that the dog-themed cryptocurrency will trade at $0.00005094 on December 1, 2024. Reaching $0.00005094 from the current price would result in a price increase of approximately 107.07%. CoinCodex does not expect the price of SHIB to hold above $0.00005 for long. This platform predicts the price will adjust back to the current level by mid-December 2024.
Analysts at Changelly also offer a bullish outlook for SHIB in the coming days. This platform predicts the asset will rise to $0.0000492 on December 1, 2024. Reaching $0.0000492 from the current price would result in an increase of about 100%. Like CoinCodex, Changelly also predicts the price of SHIB will drop back to the current level by mid-December 2024.
