Bitcoin Still Under $20K as Investors Shift Attention to XRP and SHIB
Bitcoin has dropped below the $19,000 mark, but it recovered and is currently trading around $18,960. Other digital tokens, such as XRP, are also in the bullish trend. Due to the ongoing crypto winter, investors lost a lot of money. Many people believed that the proposed merger of Ethereum and Bitcoin would reverse the market’s negative trend. However, altcoins, including BTC, continue to depreciate.
Bitcoin Fails to Jump Above $20,000
After making a promising move last week, Bitcoin’s price eventually ended at the $23K mark. Unfortunately, this was the end of its bullish journey. Since then, the crypto market has been volatile.
Following the US government’s consumer price index numbers, Bitcoin lost a few thousand. It then maintained its position at the $20K mark for a couple of weeks. On Sunday, it rose to around $20,500.
It looked like a potential bullish trend was starting to develop when Bitcoin’s price hit the $18,300 mark on Monday. However, it quickly dropped and became its lowest bullish benchmark. On September 20, Bitcoin started to push towards the $19,500 mark.
Despite the positive price movement, the cryptocurrency market remains in the red zone. The 24-hour growth of 1.72% has reduced the weekly losses to around 10.90%.
During the previous week, Bitcoin could bounce back from its recent low and maintained its position at the $19K mark. However, in the last 24 hours, it has lost 2% of its value. The price may continue to fall before the market closes.
According to its dominance over other digital tokens, the token is now down to 39.4%. As a result, its market capitalization has dropped to about $360 billion.
Growth in XRP Despite Bear Market
Among the gainers during the current market decline is the cryptocurrency known as XRP, which has been up 13% in the last 24 hours. Its growth can be attributed to the recent developments involving the SEC and Ripple Labs.
Some digital currencies experienced a bullish push after the red zone parade on Monday. However, these gains were short-lived as the market watch indicated that the green rush might not last.
A couple of days ago, Ethereum traded at around the $1,600 mark. However, it started to decline in the following days. At the time of writing, it is currently trading at around $1,311, a 1% decrease in 24 hours.
Investors are Shifting Focus to Shiba
There may be a Shiba Inu (SHIB) rally coming soon.
The Shiba Inu project is expected to rally soon. Various events have sparked interest in cryptocurrency. On Thursday, Shytoshi Kusama, the company’s chief programmer, revealed that the team is working on a burn strategy that could affect the entire ecosystem.
The Shiba Inu community is excited about the project’s future. The company is teasing a new major update on its Twitter account.
The official date for the release of the Shiba Inu collectible card game has just been revealed by the Shiba Inu team through the Twitter Space Event “Shiba Eternity Community Update.” The release states that Shiba Eternity will debut on October 1. The Shiba Inu Community will observe “Download Day” in honor of the release, which will crash Android and iOS App Stores simultaneously.
SHIB Seen Rising to the Occasion
SHIB recovered from its lowest point on September 21. It is currently trading at $0.00001038. This range will support the token’s expected to rally. The last decline from the high of $0.00001192 is the resistance level. Bulls can use this level to break out of the range and target the 78.60 Fib level.
The value of the SHIB token might be affected by the current market conditions. The lack of transparency in the exchange could cause the price of the coin to crash. If the financial markets recover from their recent decline on September 13, then a rise in the token’s value could be expected.
