Bitcoin, Shiba Inu, and Dogecoin bring crucial developments

Bitcoin moved closer to $60,000; Shiba Inu fostered optimism when the ecosystem registered a higher number of daily transactions; and Dogecoin changed hands higher than usual amid a dip in its trading value. It further illustrates the volatility and duality of the crypto market’s movements when taken together.

For starters, Bitcoin was once at $70,000. It has now retraced to a value of less than $64,000, almost close to $60,000. The analyst estimates that there could be another bearish run shortly. While that was expected as a part of the correction ahead of Bitcoin Halving, a fall in the value is alarming since more dips could cross paths, making traders hold on to their tokens for a fairly long time.

Josh Olszewicz, a notable crypto trader, said that the crypto fell below the Kijun line on his 1D Bitcoin Chart. It interestingly has five lines, but what makes the Kujin line stand out is the fact that a fall below that margin invites a bearish tendency. The exchange value of BTC makes it clear. It was listed at $63,366.26 at the time of articulating this piece. There is a surge in the 24-hour volume by 1.45%, but that barely comes to the rescue right now.

A drop in Bitcoin’s value could open doors for traders to accumulate the token. They can then wait for a surge and take the profit home.

Shiba Inu saw the trading volume shed some weight recently; however, the ecosystem found a way to remain optimistic. This is based on the fact that the network’s daily transactions soared from 288,690 to 347,460. The latest number is more on the high side: 419,520.

A reason why everyone has hailed the rise is because there has been a constant fall in SHIB. The last 24 hours saw SHIB plummet by 7.52%, exchanging hands at $0.00002173. The 24-hour volume and market cap have also taken a severe hit. Nevertheless, an increase in daily transactions demonstrates the dynamic environment and optimism for the community.

Simultaneously, Shiba Inu saw an increase in the number of active accounts by 218.33% from April 12–13, 2024. During the same time period, new accounts increased by 173%.

Dogecoin’s withdrawal came at a time when DOGE had heavily lost 4.99% on the trading board. It is estimated that 324 million DOGE tokens, worth $49.9 million at the time, were involved in the transaction. Three large transactions have been credited with the development, each reportedly carrying 150,000,000, 100,000,000, and 74,024,901 DOGE tokens. Reports indicated a transfer of 74 million tokens to Robinhood.

Bitcoin is eyeing another bearish hit, Shiba Inu is looking forward to a higher number of transactions, and Dogecoin could be reaching a new low on the trading board but a new high on transacting the tokens.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button