The cryptocurrency market is currently facing a correction. This decline follows Bitcoin’s (BTC) drop to just under $93,000. The global crypto market cap fell 2.9% over the past 24 hours to $3.35 trillion. Shiba Inu (SHIB) is following the market trend, facing a 2.3% correction in the daily charts and a 0.9% correction in the 14-day charts.
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Despite the decline, SHIB continues to maintain some gains in other periods. The asset is up 1.7% in weekly charts, 44.49% in monthly charts, and 198.4% since the end of November 2023.
Why is the crypto market falling?
The current market decline could be due to increased volatility as Bitcoin (BTC) hit a new all-time high of $99,645.39 on November 22, 2024. Market participants may have booked profits as the crypto original was approaching the $100,000 mark.
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According to Omid Malekan, professor at Columbia Business School, “Bitcoin tends to be more volatile during bull markets than during bear markets.“
Shiba Inu (SHIB) and other cryptocurrencies are following BTC’s trajectory.
Shiba Inu price as of December 1, 2024
According to CoinCodes, SHIB will see a price rise over the next few days. The platform predicts that the dog-themed crypto will trade at $0.00005094 on December 1, 2024. Reaching $0.00005094 from current price levels will result in a rally of approximately 107.07%. CoinCodex does not expect SHIB price to stay above $0.00005 for long. The platform predicts a price correction around current levels by mid-December 2024.
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Changelly analysts also present a bullish outlook for SHIB over the coming days. The platform predicts that the asset will reach $0.0000492 on December 1, 2024. Reaching $0.0000492 from current price levels will result in a roughly 100% rally. Like CoinCodex, Changelly also predicts that the price of SHIB will fall to current levels by mid-December 2024.
