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With the strong downward momentum in the cryptocurrency market since the morning hours, the leading cryptocurrency Bitcoin (BTC) has also dropped below the $28,000 level. SHIB, which has gained momentum in value losses due to the downward trend in the market, has lost more than 10% in the last 24 hours and dropped to levels of $0.0000086.
Market in Decline Again
The cryptocurrency market, which started to rise earlier this week, has once again started to decline during the week and has gained strong downward momentum since the morning hours. The leading cryptocurrency Bitcoin (BTC) has lost an average of 4% in the last 24 hours and started trading at levels of $28,000 during the day.
Most high market cap cryptocurrencies have experienced various levels of value losses during the day. The total market value of the crypto ecosystem has also dropped to $1.11 trillion according to CoinMarketCap (CMC) data. SHIB, which has gained strong upward momentum since the beginning of August, has also started to decline again due to the downward trend in the market.
Value Losses Accelerate in SHIB
Despite the low volatility in the cryptocurrency market, Shiba Inu (SHIB) had gained strong upward momentum and stood out positively from the market since the beginning of August. Although SHIB had risen from $0.000008 to $0.000011 during this period, it started to decline again and its upward movement was largely reversed due to the strong downward momentum in the cryptocurrency market and the drop in the leading cryptocurrency BTC below the $28,000 level.
SHIB, which has recorded a value loss of nearly 15% in the past week, has also lost more than 10% in the last 24 hours, dropping to a price level of $0.0000086 and approaching significantly the lowest price levels recorded in the past 2 weeks. Additionally, according to CMC data, SHIB became the cryptocurrency with the highest percentage of value loss among the top 100 cryptocurrencies with high market capitalization.
