SHIB Explodes 27% As Bitcoin Refuses At $ 59,000: “Analysis”

SHIB exploded 27% after listing on Kraken, while Bitcoin still failed to hit the previous $ 59,000 as we can see in today’s altcoin news and analysis.

After another unsuccessful attempt to break through $ 59,000, BTC fell several thousand dollars to $ 56,000 and most other altcoins stalled except Shiba Inu. SHIB exploded 27% thanks to its listing on Kraken. Throughout the weekend, BTC plummeted repeatedly and failed to hit the $ 55,000 price level, with the bears taking control of the market, pushing the asset as low as $ 53,000. However, things quickly changed on Monday when the cryptocurrency surged $ 4,000 and topped $ 58,000, but also rallied again a few hours later, leading to $ 59,000.

As on several previous occasions to challenge this level, BTC failed and rejection pushed it to an intraday low of $ 56,000. Bitcoin’s market cap remains below $ 1.1 trillion while its dominance over altcoins is 42% lower. Most altcoins stayed calm on a daily basis, and ETH gained less than 2% in one day, but then it was above $ 4400, despite having fallen below $ 4000 a few days ago. Solana, Cardano, Binance Coin, Ripple, and Polkadot all took slight losses, while CRO fell the most, falling 8% to under $ 0.70.

In contrast, Dogecoin is up 5%, Terra is up 9%, and Avalanche is up 5%. Shiba Inu remains the biggest winner, surpassing 25% in one day. This comes after the news that the Kraken crypto exchange has decided to list the meme on their trading platform. There were further fluctuations in the price of stacks by 15%, Tezos also by 11% and the OMG network by 8%. Gala and sandbox 10% discount. Total crypto market cap is around $ 2.7 trillion, but that’s still a long way from the record of over $ 3 trillion that was recorded a few weeks ago.

As recently reported, Bitcoin AUM fell 9.5% to $ 48.7 billion, the largest monthly retracement of the year according to CryptoCompare. On the flip side, altcoin-based funds like their ETH Saw AUM are growing to $ 16.6 billion. As shown in the graph, total wealth across all digital investment products fell 5.5% to $ 70 billion, coinciding with the ongoing bear market since BTC hit a high, with an all-time high of $ 65,000.