Shiba Inu (SHIB) Rises 5% as Bitcoin Flatlines: Your Crypto Recap
• Bitcoin has been relatively flat this week, with a small 0.2% change in price.
• Most of the top altcoins are charting losses, causing an increase in BTC’s dominance.
• Shiba Inu (SHIB) is the only major altcoin performing well with a 5% increase over the last seven days.
Bitcoin Flatlines on Weekly
The cryptocurrency market has seen minimal movement this week, with Bitcoin’s (BTC) price remaining completely flat for the past seven days. BTC’s lack of volatility is such that its 10-day average is even lower than that of stocks and gold. This stagnation has caused its dominance to increase by 0.5%.
Altcoins Bleeding Out
Most of the top altcoins have charted losses over the week, including XRP (-7%), ADA (-5%), SOL (-5.4%), TRON (-7.3%), MATIC (-5.6%) and so forth. This market downturn further emphasizes Bitcoin’s lack of movement and its increased share relative to other cryptocurrencies in the market.
Shiba Inu (SHIB): The Major Exception
Amidst all these losses, Shiba Inu (SHIB) stands out as a rare exception – it is the only major altcoin currently performing well, having risen 5% over the past seven days while other coins continue to decline in value relative to BTC..
It appears that SHIB’s success may be attributed to some recent developments within its project – notably, its listing on Binance and Huobi Global earlier this month as well as its collaboration with Yearn Finance which could bring more activities and liquidity for SHIB holders and traders alike.
Overall, Bitcoin’s lack of volatility has caused most altcoins to suffer losses while SHIB remains one of few exceptions amongst major coins that have performed well despite these unfavorable conditions for crypto traders overall this week