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    Home » Market Updates » Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

    Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Dec 1, 2021 @ 09:46

    While bitcoin is still unable to conquer $59,000, Shiba Inu (SHIB) surged by more than 20% after getting listed on Kraken.

    After another unsuccessful attempt to overcome $59,000, bitcoin slumped by a few thousand dollars to $56,000. Most alts have stalled on a daily scale, aside from Shiba Inu, which has surged by double-digits following a listing on Kraken.

    Bitcoin Rejected at $59K

    During the weekend, bitcoin kept suffering as it had failed to conquer $55,000. The bears had complete control over the market and pushed the asset to a low of $53,500.

    However, the situation changed rapidly on Monday morning when the cryptocurrency surged by over $4,000 and exceeded $58,000 briefly. A few hours later, it initiated another leg up, this time resulting in touching $59,000.

    As it happened in the past few attempts to challenge that particular level, though, BTC failed, and the subsequent rejection drove it south to an intraday low of $56,000.

    BTC’s market cap has remained beneath $1.1 trillion while the dominance over the altcoins is well below 42%.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Alts Stall: SHIB Explodes

    Most altcoins have remained relatively calm on a daily scale. Ethereum is less than 2% up in a day, but it stands above $4,400. Just a few days ago, ETH had dipped below $4,000.

    Binance Coin, Solana, Cardano, Ripple, and Polkadot have marked minor losses. CRO has dumped the most in a day. An 8% decline has driven the recent high-flyer to below $0.70.

    In contrast, Dogecoin (5%), Avalanche (5%), and Terra (9%) are well in the green. Nevertheless, Shiba Inu has skyrocketed the most (24%) in a day. This comes following news that the veteran crypto exchange Kraken has decided to list the popular memecoin.

    More fluctuations come from Stacks (15%), Tezos (11%), and OMG Network (8%), while Gala (-11%), The Sandbox (-10%), and Siacoin (-9%) have lost the most value in a day.

    The cryptocurrency market cap stands above $2.7 trillion, but it’s still a long way away from the record of over $3 trillion charted a few weeks ago.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Shiba Inu (SHIB)
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$30,030.00
  • ethereum
    ETH$2,014.02
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