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The cryptocurrency market has experienced a downward momentum following a more than 10% drop in the value of the leading cryptocurrency, Bitcoin, in the last month. Most altcoins in the crypto market have also experienced a bearish trend during this period. SHIB, which has recorded a value loss of over 20% in the last month, has also experienced a strong downward momentum and dropped to $0.0000075 levels.
Bearish Trend Continues in the Market
Bitcoin (BTC), the leading cryptocurrency, has experienced a value loss of over 10% in the last month. The crypto market has also followed a downward trend due to the double-digit value losses in the leading cryptocurrency.
The total market value of the cryptocurrency ecosystem has dropped to $1.02 trillion during this period, according to CoinMarketCap (CMC) data. Ethereum (ETH) has tested the $1600 support level multiple times in recent weeks.
Despite several attempts to rise in the past weeks, Bitcoin has failed to surpass the $26,000 levels. Due to the value losses in BTC and the bearish trend in the crypto market, most altcoins have recorded double-digit value losses in recent weeks.
SHIB’s Value Losses Accelerate
With Bitcoin’s recent value losses and its drop below the $26,000 levels, several cryptocurrencies have also experienced significant value losses during this period. Shiba Inu (SHIB), which has recorded high-value losses in recent weeks, is among the cryptocurrencies that have experienced high-value losses.
SHIB, which has recorded a value loss of over 20% in the last month, has started trading at $0.0000075 levels after losing more than 3% in the last week. Following its recent losses, SHIB has been among the top 100 cryptocurrencies with the highest market capitalization that have experienced the highest percentage of value losses in the last month, according to CMC data.
