Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

After another unsuccessful attempt to overcome $59,000, bitcoin slumped by a few thousand dollars to $56,000. Most alts have stalled on a daily scale, aside from Shiba Inu, which has surged by double-digits following a listing on Kraken.

Bitcoin Rejected at $59K

During the weekend, bitcoin kept suffering as it had failed to conquer $55,000. The bears had complete control over the market and pushed the asset to a low of $53,500.

However, the situation changed rapidly on Monday morning when the cryptocurrency surged by over $4,000 and exceeded $58,000 briefly. A few hours later, it initiated another leg up, this time resulting in touching $59,000.

As it happened in the past few attempts to challenge that particular level, though, BTC failed, and the subsequent rejection drove it south to an intraday low of $56,000.

BTC’s market cap has remained beneath $1.1 trillion while the dominance over the altcoins is well below 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: SHIB Explodes

Most altcoins have remained relatively calm on a daily scale. Ethereum is less than 2% up in a day, but it stands above $4,400. Just a few days ago, ETH had dipped below $4,000.

Binance Coin, Solana, Cardano, Ripple, and Polkadot have marked minor losses. CRO has dumped the most in a day. An 8% decline has driven the recent high-flyer to below $0.70.

In contrast, Dogecoin (5%), Avalanche (5%), and Terra (9%) are well in the green. Nevertheless, Shiba Inu has skyrocketed the most (24%) in a day. This comes following news that the veteran crypto exchange Kraken has decided to list the popular memecoin.

More fluctuations come from Stacks (15%), Tezos (11%), and OMG Network (8%), while Gala (-11%), The Sandbox (-10%), and Siacoin (-9%) have lost the most value in a day.

The cryptocurrency market cap stands above $2.7 trillion, but it’s still a long way away from the record of over $3 trillion charted a few weeks ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto