The cryptocurrency market is facing a correction at the moment. The dip follows Bitcoin’s (BTC) decline to just below $93,000. The global crypto market cap has dipped 2.9% in the last 24 hours to $3.35 trillion. Shiba Inu (SHIB) follows the market trend, facing a 2.3% correction in the daily charts and a 0.9% correction in the 14-day charts.
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Despite the dip, SHIB continues to maintain some gains in the other time frames. The asset is up 1.7% in the weekly charts, 44.49% in the monthly charts, and 198.4% since late November 2023.
Source: CoinGecko
Why Is The Crypto Market Down?
The current market dip could be due to increased volatility as Bitcoin (BTC) hit a new all-time high of $99,645.39 on Nov. 22, 2024. Market participants may have booked profits as the original crypto inched closer to the $100,000 mark.
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According to Columbia Business School professor Omid Malekan, “Bitcoin tends to be more volatile during bull markets than in bear markets.“
Shiba Inu (SHIB) and other cryptocurrencies follow BTC’s trajectory.
Shiba Inu’s Price On Dec. 1, 2024
According to CoinCodes, SHIB will experience a price spike over the next few days. The platform anticipates the dog-themed crypto to trade at $0.00005094 on Dec. 1, 2024. Hitting $0.00005094 from current price levels will result in a rally of about 107.07%. CoinCodex does not expect SHIB’s price to hold above $0.00005 for long. The platform predicts a price correction to around current levels by mid-December 2024.
Source: CoinCodex
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Changelly analysts also present a bullish outlook for SHIB over the next few days. The platform anticipates the asset to rise to $0.0000492 on Dec. 1, 2024. Hitting $0.0000492 from current price levels will result in a rally of about 100%. Like CoinCodex, Changelly also anticipates SHIB’s price to dip to around current levels by mid-December 2024.
Source: Changelly
