Shiba Inu Rises 37% Since Yesterday’s Low, BTC Recovers 5%: Price Analysis

Shiba Inu rises 37% since yesterday’s low while Bitcoin recovered 5% and the market also recovered more than $100 billion in one day so let’s read more in today’s latest altcoin news.

The market recovered more than $100 billion in one day, BTC stands at $36,000 and the altcoins made other impressive gains. After the two consecutive days of the price drops, BTC reclaimed some ground and stands around $36,000 with some other altcoins reacting even better with notable double-digit price gains from Shiba, AVAX, and Terra. The past few days however didn’t go well for the main cryptocurrency. There was s sudden price pump that drove the asset to a high of $43,500.

This is where all went south as Bitcoin started to dump in value dramatically and slumped to $38,000 a day later. This became the lowest price point since August. This was a steep correction of its own as the bears only tightened their grip on the market and as a result, BTC dropped by $4000 and dipped to around $34,000 with it becoming the lowest price point since July 2021. since then, BTC added another $2000 and now stands at $36,000 but the market capitalization is still below $700 billion.

The altcoins suffered once again in the past few days and BTC recorded a new drop. Most however are well in the green on a daily scale. Ethereum went down by $1000 in two days and bottomed out at $2300 but now ETH has added more than $200 and sits below $2500 with more gains coming from Ripple and Solana. On the other hand, Cardano, Binance Coin, Dogecoin, Polakdot, and MATIC recovered around 10% each and more gains came from Terra whcih increased by 20%, AVAX by 13%, Shiba Inu by 21% on a daily scale. Shiba Inu rises 37% since the lows and the market cap is up by $130 billion since yesterday’s low and is now nearly at $1.7 trillion.

Also, Memecoins retreated from their record-breaking rallies and SHIB was no exception. The dog-themed token whcih managed to overshadow BTC in 2021 to become the most seen crypto on Coinmarketcap is now seeing a slow retreat as its popularity dies down. According to the data from Google Trends, the number of Shiba Inu Coin Searches dropped dramatically over the past few months. The interest for the keyword peaked in October 2021 in which time the asset’s price climbed to an all-time high.

Source: https://www.dcforecasts.com/altcoin-news/shiba-inu-rises-37-since-yesterdays-low-btc-recovers-5-price-analysis/