Bitcoin Struggles at $40K, Shiba Inu Soared to 2-Month Highs Amid Robinhood Listing (Market Watch)


After several days of freefalls and dropping below $40,000, bitcoin has calmed around that level. Most altcoins are also rather stagnant today, with one obvious exception – Shiba Inu. The memecoin skyrocketed to multi-month high following news about getting listed on Robinhood.

BTC Stalls at $40K

Bitcoin’s inability to break above $47,000 last week meant incoming trouble. The asset began its gradual descent in the following days, by firstly dropping to $45,000 and then to $43,000.

However, that was not all, as the bears kept the pressure on. What followed was another retracement following a brief recovery attempt, which led to dumping below the January 2021 ATH of $42,000.

The situation worsened yesterday when the cryptocurrency lost a few thousand dollars more and dipped below $40,000 for the first time in about a month.

After marking this multi-week low at just over $39,000, BTC bounced off and regained some traction. As of now, the asset has calmed and stands rather still around the coveted $40,000 line. Nevertheless, its market capitalization struggles at just over $750 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Shiba Inu Steals the Show

The alternative coins suffered just as badly as bitcoin in the past few days, if not worse. Many of them, including Ethereum and Binance Coin, slipped below round-numbered figures.

ETH dipped beneath $3,000 for the first time in weeks but has bounced off and now trades above it. BNB, on the other hand, found itself under $400, but a 2.6% increase since then has pushed it to almost $420 now.

Ripple, Solana, Cardano, Terra, Avalanche, Polkadot, and Dogecoin are also slightly in the green.

Shiba Inu, though, stands out as the most impressive performer since yesterday. Following a listing on Robinhood, the memecoin exploded by double digits and tapped $0.0003 to mark a multi-month high of its own.

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

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Cryptocurrency charts by TradingView.

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