The cryptocurrency market is currently facing a correction. The decline follows Bitcoin (BTC) dropping to just below $93,000. The total global cryptocurrency market capitalization has fallen by 2.9% in the past 24 hours to $3.35 trillion.
Shiba Inu (SHIB) is following market trends, facing a 2.3% correction on the daily chart and a 0.9% correction on the 14-day chart.
Despite the decline, SHIB still continues to maintain some profits across different time frames. This asset has increased by 1.7% on the weekly chart, 44.49% on the monthly chart, and 198.4% since the end of November 2023.
Why is the Cryptocurrency Market Declining?
The current market decline may be due to increased volatility as Bitcoin (BTC) reached a new all-time high of $99,645.39 on November 22, 2024. Market participants may have taken profits as the original cryptocurrency approached the $100,000 milestone.
According to Professor Omid Malekan of Columbia Business School, "Bitcoin tends to be more volatile in bull markets than in bear markets."
Shiba Inu (SHIB) and other cryptocurrencies following the trajectory of BTC.
Shiba Inu Price on December 1, 2024
According to CoinCodes, SHIB will experience a price increase in the coming days. The platform predicts the dog-themed cryptocurrency will trade at $0.00005094 on December 1, 2024. Reaching $0.00005094 from the current price would lead to an increase of approximately 107.07%.
CoinCodex does not expect the price of SHIB to stay above $0.00005 for long. The platform predicts a price correction to around the current level by mid-December 2024.
Changelly's analysts also provide a bullish outlook for SHIB in the coming days. The platform predicts the asset will rise to $0.0000492 by December 1, 2024.
Reaching $0.0000492 from the current price would result in an increase of about 100%. Like CoinCodex, Changelly also predicts that the price of SHIB will drop to around the current level by mid-December 2024.
