The cryptocurrency market is witnessing a bloodbath right now. Today marks the fourth consecutive day of negative price activity. Bitcoin (BTC), the market leader, has fallen 7.3% in 24 hours and 11.7% over the previous week, while the global crypto market cap has fallen 8.8% since yesterday, currently at $2.09 trillion. Shiba Inu (SHIB) and other altcoins are also suffering the same fate.
SHIB is down by 15.6% in the daily chart, 23.1% in the weekly chart, 25.2% in the 14-day chart, and more than 47% over the previous month. SHIB’s price has fallen below $0.000013 for the first time since March 2024.
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The latest market correction is likely due to increased outflows from BTC ETFs and miner capitulation. Miners have been selling their holdings as the average cost of mining one BTC increased substantially.
Will Shiba Inu recover this weekend?
CoinCodex data suggests that SHIB could surge to $0.00001850 on Sunday, July 7, 2024. Reaching $0.00001850 from current price levels would translate to a growth of about 37.7%.
Changelly researchers also anticipate a price rebound. The platform predicts SHIB to hit $0.00002548 on July 7, 2024, a rise of almost 90% from current levels.
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It is possible that Shiba Inu will keep going downhill for the coming few days. Other assets are unlikely to rise unless Bitcoin reverses its trajectory. The average cost of mining one Bitcoin recently exceeded $86,000. Renowned cryptocurrency expert Ali Martinez has pointed out that the price of Bitcoin typically exceeds its average mining cost. The original crypto may hit the $86,000 level very soon, going by Martinez’s analysis. The only way for SHIB to undergo a trend reversal is if BTC rebounds and pick up steam.
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