Bitcoin Plunges Below $60K: Shiba Inu (SHIB) With Another 20% Daily Surge (Market Watch)


After an unsuccessful attempt to overcome $64,000, bitcoin has retraced once again below $60,000. While most alternative coins are also in the red, Shiba Inu has gone on another tear with a massive double-digit price surge.

Bitcoin Dumps Below $60K

After last week’s all-time high at $67,000, bitcoin started to retrace gradually and dipped below $60,000 several times in the following days. Following the weekend’s drop, though, the situation changed, and BTC climbed to and above $63,000.

This is where the cryptocurrency was situated yesterday as well before it swung unsuccessfully at $64,000. The inability to continue upwards, though, changed the tides.

Bitcoin lost a few thousand dollars in the following hours and stood just above $61,000. However, it dumped by more than $3,000 minutes ago to its lower price level since October 15th at $58,000.

As of now, it has reclaimed approximately $1,000 but still stands well below $60,000. This enhanced volatility has caused a large number of liquidations for leverage traders. Bybt data shows that the 24-hour liquidations have surged to over $750 million.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Red: Not Shiba Inu and Aave

Similarly to BTC, most alternative coins also dumped hard. Ethereum slid below $4,000 after coming just inches away from a new all-time high again hours ago. However, ETH has so far been unable to break its previous record, and the subsequent rejections have driven it south hard.

Binance Coin, Polkadot, and Chainlink are the only other top-ten coins with single-digit price drops. In contrast, Cardano, Solana, Ripple, Dogecoin, Terra, and Avalanche have all dumped by double-digit percentages on a 24-hour scale.

Yet, there’re a few obvious exceptions. Shiba Inu has surged by another 20% in a day to above $0.00051. Moreover, SHIB’s gains were well above 30% just hours ago – before the market-wide crash. Consequently, the meme token charted a new all-time high – again.

The other one is Aave, which has also surged by 20% on a 24-hour scale and currently stands above $400.

More losses come from Fantom (-20%), ICP (-18%), EOS (-18%), Harmony (-17%), Curve DAO Token (-17%), Filecoin (-16%), Ethereum Classic (-16%), Elrond (-16%), THORChain (-15%), and many more.

The cryptocurrency market capitalization lost nearly $200 billion from yesterday’s peak to today’s low and is just over $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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