The cryptocurrency market is currently experiencing a notable correction, driven by Bitcoin's recent decline to just below $93,000. This downturn has affected the global crypto market cap, which has dropped by 2.9% in the last 24 hours, now sitting at $3.35 trillion. Shiba Inu (SHIB) is not immune to this trend, showing a 2.3% correction on the daily charts and a 0.9% correction over the past two weeks.Despite these fluctuations, SHIB has demonstrated resilience in other time frames:
Weekly Performance: Up 1.7%
Monthly Performance: Up 44.49%
Since Late November 2023: Up an impressive 198.4%
Why Is the Crypto Market Down?
The recent market dip can be attributed to increased volatility following Bitcoin's all-time high of $99,645.39 on November 22, 2024. As Bitcoin approached the $100,000 mark, many investors opted to take profits, contributing to the current downturn. According to Omid Malekan, a professor at Columbia Business School, Bitcoin tends to exhibit greater volatility during bull markets compared to bear markets, and other cryptocurrencies like SHIB typically follow its lead.
Shiba Inu’s Price Prediction for December 1, 2024
Looking ahead, analysts are optimistic about SHIB's potential recovery in the short term:
CoinCodes Prediction: SHIB is expected to spike to $0.00005094 by December 1, 2024. This forecast suggests a remarkable rally of approximately 107.07% from current levels.
Changelly Prediction: Similarly, Changelly anticipates SHIB will rise to $0.0000492, indicating a potential increase of about 100%.
Both platforms caution that while these gains may be significant, they expect SHIB's price to correct back to current levels by mid-December 2024.