After several days of freefalls and dropping below $40,000, bitcoin has calmed around that level. Most altcoins are also rather stagnant today, with one obvious exception – Shiba Inu. The memecoin skyrocketed to multi-month high following news about getting listed on Robinhood.
Bitcoin’s inability to break above $47,000 last week meant incoming trouble. The asset began its gradual descent in the following days, by firstly dropping to $45,000 and then to $43,000.
However, that was not all, as the bears kept the pressure on. What followed was another retracement following a brief recovery attempt, which led to dumping below the January 2021 ATH of $42,000.
The situation worsened yesterday when the cryptocurrency lost a few thousand dollars more and dipped below $40,000 for the first time in about a month.
After marking this multi-week low at just over $39,000, BTC bounced off and regained some traction. As of now, the asset has calmed and stands rather still around the coveted $40,000 line. Nevertheless, its market capitalization struggles at just over $750 billion.
The alternative coins suffered just as badly as bitcoin in the past few days, if not worse. Many of them, including Ethereum and Binance Coin, slipped below round-numbered figures.
ETH dipped beneath $3,000 for the first time in weeks but has bounced off and now trades above it. BNB, on the other hand, found itself under $400, but a 2.6% increase since then has pushed it to almost $420 now.
Ripple, Solana, Cardano, Terra, Avalanche, Polkadot, and Dogecoin are also slightly in the green.
Shiba Inu, though, stands out as the most impressive performer since yesterday. Following a listing on Robinhood, the memecoin exploded by double digits and tapped $0.0003 to mark a multi-month high of its own.
