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Bitcoin price experienced a rapid decline earlier today, which we reported on with the latest developments. The double-digit losses in BTC price also disrupted the balance in altcoins. The larger sell-offs in major altcoins also affected the market cap rankings.
Shiba Coin and Litecoin
Shiba Inu (SHIB) has surpassed Litecoin (LTC) in the cryptocurrency rankings following Thursday’s market turbulence. While the second-largest meme coin struggled to hold the $0.000008 support, Litecoin (LTC) hit its lowest level of the year at 56, pushing its market value below $5 billion. Days ago, we mentioned that historical data indicated a new low for LTC, potentially reaching $50 or even $40. The decline in BTC accelerated this process.
Despite the initial issues surrounding the Shibarium mainnet launch, SHIB bulls exhibited an optimistic stance amid Thursday’s crypto market downturn. Shiba Inu has now surpassed Litecoin in the cryptocurrency market capitalization rankings.
Shiba Coin Analysis
Bulls are currently actively placing orders to buy 1.5 trillion SHIB, which is significantly higher than the 1.2 trillion SHIB tokens offered for sale. The On-Chain Market Depth graph of exchanges shows the real-time price distribution of active orders on recognized exchanges. Despite the market downturn, the market demand for SHIB on exchanges still exceeds the supply of over 300 billion tokens.
The resistance shown by Shiba Inu investors during the rise suggests that the Shiba Coin price can hold onto the $0.000008 region. However, if the BTC price turmoil continues, Shiba Coin bulls will need to strengthen the support wall at $0.000007. Panic selling influenced by general market sentiment can suddenly undermine the confidence of Shiba Coin buyers.
Bitcoin price is currently below the $26,500 support and the $25,500 support continues to hold strong after the latest test. We may see further developments regarding the Grayscale ETF application in the coming hours, which could contribute positively or negatively to price fluctuations.
We previously mentioned that the period of shallow volatility would come to an end, and as expected, the crypto market has returned to a period of extreme volatility. Moreover, the downward breakout did not come as a surprise to those who have been following COINTURK for a long time.
