Altcoin Watch: SHIB Rebounds 20% While BTC Struggles Near $61K

In our Altcoin watch today, we can see SHIB rebounding 20% while Bitcoin struggles near $60,600 as it retraced slightly after the double-digit daily surge recently so let’s read more in our latest altcoin news today.

Bitcoin continues with its flat price movements as the crypto stalled around $61,000 again and most altcoins marked a few minor losses in one day and SHIB rebounded and recovered by 20%. most of the altcoin space is in the red today after the recent gains and ETH which saw a new all-time high a few days ago, is down by more than 1% on the 24-hour scale, standing below $4500. Cardano slipped to the $2 price range while Terra, Dogecoin, Ripple, and Polkadot dipped by a similar percentage of around 3%. Solana jumped to nearly $250 after the slight increase while BNB tapped another six-month high after the daily surge of 4%.

The biggest gainer from the larger-cap coins is Shiba Inu as we can see in our altcoin watch today. The popular meme coin started dumping in value after its new all-time high but then bounced off and marked an 18.5% increase which drove SHIB to $0.00006. However, OMG Network token dropped 11%, eCash dropped 10%, Fantom dropped by 8%, Arweave dropped by 14%, and Nexo by 7%. As a result, the cumulative market cap of all digital assets is down by $50 billion in one day to $2.7 trillion. The main cryptocurrency hit a new high of over $64,000 but it is unable to continue upwards which eventually led to its drop to $60,000 again. Instead of challenging the ATH at $67,000, the bears intercepted the move and pushed the asset south.

In the next few days, Bitcoin struggles and was gradually losing value and hit $60,000 after the inflation news came from the US so despite bouncing off immediately and surging to $63,000, the overall situation continued to deteriorate in the past day. BTC Stood around $62,000 before it dipped to $61,000 and lower so now it calmed around this level but the market cap got down to $1.150 trillion with the dominance over the altcoins dropping to 42.5% a few weeks ago as the latter was up to 47%.

The hype around the meme-coin Shiba Inu grew so much that it emerged as the fifth most called smart contract on the ethereum network and according to the latest data compiled on Dune Analytics, SHIB becomes 5^th most called smart contract on Ethereum, surpassing the likes of SwapRouter, SUDC, WETH tokens, and Uniswap. It is a few places behind the prominent NFT marketplace OpenSea and Uniswap V2 Router.

Source: https://www.dcforecasts.com/altcoin-news/altcoin-watch-shib-rebounds-20-while-btc-struggles-near-61k/