Shiba Inu’s SHIB token extends Monday's surge as bitcoin breaks through a key resistance level. By shauryamalwa
A Shiba inu, the dog breed that inspired SHIB.
Bitcoin and ether, the two largest cryptocurrencies, added about 3% in the past 24 hours even as tokens of layer 1, or base, blockchains Solana and Polkadot fell 2.5%,Among other majors in the same period, Cardano’s ADA jumped 2% while binance coins were little changed. AVAX tokens surged 10% on the back of strong fundamental activity on Avalanche, which processed overSHIB extended Monday's surge. The token has gained 43% from Sunday’s low of $0.000022. Tokens exchanged hands at $0.
“The Bitcoin chart continues to paint a bullish picture,” said Alex Kuptsikevich, an analyst at FxPro, in an email to CoinDesk. “With the price at $45,000 on Tuesday morning, BTC is trading above the 50-day moving average just above the mid-January pivot area.” Not everyone is betting on a continued rise, however. Some traders noted that institutional activity, such as profit-taking, in traditional markets could cause a similar effect in the crypto market because various asset classes are correlated.
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