Following a strong surge in the last few days, bitcoin investors seem to have contended with the gains and booked profits before Xmas. Despite a robust surge of more over 5% earlier this week, the price of Bitcoin on exchanges across the globe struggled to break over the $47,500 level and failed to break through the $50,000 mark.While writing this article, Bitcoin has lost 1.20% int the last 24 hours to trade at $51,053 as per data published by Coingecko.com.
Bitcoin’s climb in the last few days didn’t have a significant influence on the price of the cryptocurrency in regards to weekly performance.The numero uno crypto’s value has dropped by 0.7 percent over the course of the last week. Ether’s predicament was no better, as the number one altcoin representing Ethereum network started the day in the red following a disappointing trading session yesterday.
The value Ether has dropped by 1.6% in the last 24 hours, after a drop of 0.27% in the last two days. While writing this article, Ether was trading at $3,971, reflecting a loss of 2.20% on Coingecko, commanding a market capitalization of $471.95 billion. In the last seven trading sessions, the value of Ether has declined 1.10%. The cryptocurrency quote provided by Gadgets 360 displays a different picture for the broader market.
Nearly every single prominent cryptocurrency is now in the green, notwithstanding the fact that the top two currencies are experiencing difficulties. In terms of advances, Cardano, Uniswap and Polkadot were the most significant, while Tether, Ripple and Chainlink all made good gains in the backdrop of the day’s events.
Dogecoin, on the other hand, witnessed a 1.2% increase to $0.18 in what has become a good week for the first meme currency since its inception. In comparison, Shiba Inu, its competitor, steadily gained in value to trade at $0.000035, reflecting a gain of 3.34%.
SHIB’s remarkable climb this week has seen its price appreciate by 4% percent over the past seven trading sessions, boosted by whales making large purchases and commercial tie-ups growing steadily. When an Ethereum whale bought 4 trillion SHIB tokens in a single trade for $134 million (approximately Rs. 1,012 crore) on Tuesday, Shiba Inu’s value skyrocketed, rising by an incredible ten percentage points through Wednesday.
The whole of cryptocurrency market has seen a significant increase in during last 24 hours, with the market prices of the majority of popular cryptocurrencies skyrocketing. However, a humongous SHIB transaction by a single whale caused Shiba Inu’s percentage increase in value to surpass that of Bitcoin and Ether.
According to a tweet by WhaleStats, a scanner that maintains a close check on the wallets owned by the top 1,000 wealthiest Ethereum whales, Shiba Inu is now the “most transacted and largest ‘hodling’ token among the large 1000 ETH wallets.”
Although this is not the initial time that Shiba Inu has shown to be the favoured option for whales in the top Ethereum wallet holdings, it is the initial time that it has done so in this manner.