SHIB Explodes 27% While Bitcoin Got Rejected At $59K: Ánalysis

SHIB Explodes 27% after getting listed on Kraken while Bitcoin remains unable to conquer the previous $59,000 level as we can see in today’s altcoin news and analysis.

After what was seen as another unsuccessful attempt to overcome $59,000, BTC slumped by a few thousand dollars to $56,000 and most other altcoins stalled aside from Shiba Inu. SHIB explodes 27% thanks to a listing on Kraken. During the weekend, BTC kept crashing and it failed to conquer the $55,000 price point with the bears being in control over the market and pushing the asset to a low of $53,000. However, things changed fast on Monday when the cryptocurrency surged by about $4000 and surpassed $58,000 but also a few hours later it hit another increase and resulted in touching $59,000.

As it happened in the past few times to challenge this level, BTC failed and the rejection drove it south to an intraday low of $56,000. Bitcoin’s market cap remained below $1.1 trillion while its dominance above altcoins is well below 42%. most of the altcoins remained calm on a daily scale and ETH is less than 2% up in one day but then it stands above $4400 despite falling below $4000 a few days ago. Solana, Cardano, Binance Coin, Ripple, and Polkadot all saw minor losses while CRO Dumped the most with an 8% decline that kicked it below $0.70.

On the contrary, Dogecoin increased by 5%, Terra by 9%, and Avalanche by 5%. Shiba Inu remains the biggest winner and surged the most by 25% in one day. This comes after the news that the cryptocurrency exchange Kraken decided to list the meme coin on its trading platform. More price shifts were seen from Stacks which increased by 15%, Tezos that also increased by 11%, and OMG network that increased by 8%. Gala and The sandbox dropped by 10%. the entire cryptocurrency market cap stands around $2.7 trillion but it is still a long way away from the record of over $3 trillion that was charted a few weeks ago.

As recently reported, The Bitcoin AUM drops 9.5% to $48.7 billion which marked the year’s biggest month-on-month pullback according to CryptoCompare reports. On the other hand, altcoin-based funds such as ETH Saw their AUM rise to $16.6 billion. As shown in the graphs, the total AUM across all digital asset investment products dropped 5.5% to $70 billion that coincides with the ongoing bear market since BTC achieved an all-time high of $65000.