The Federal Reserve admitted that an adjustment to its bond-buying program that was carried out earlier than expected is continuing to impact the global stock markets. Coupled with this is the ongoing fear created by the Omicron COVID-19 variant. Combining these two ongoing developments seems to have taken its toll on Bitcoin as its price falls from $59,000 to just below $56,000, another major blow for the currency after its ongoing recovery from the early summer sell-off was thwarted by a November drop from its All-Time High of $68,789.63.
But it’s not all bad news for crypto-hodlers. While Bitcoin may be falling, others seem to be flying!
While Bitcoin was falling, SHIBA INU (SHIB) posted a 30% gain over 24 hours, the cause of the gain is unclear, but to post such a gain while the top coin is taking some heavy hits is nothing short of impressive.
While no other coins posted above even a 20% gain, a few managed to break the 15% mark during the Bitcoin downturn:
- Rari Governance Token (RGT) posted a 16.54% gain reaching $28.82
- Ampleforth (AMPL) posted a 16.18% gain reaching $1.29
- PEAKDEFI (PEAK) posted a 15.92% gain reaching $0.184687
- Opulous (OPUL) posted a 15.03% gain reaching $5.89
It seems that while the market often moves in tandem with Bitcoin, some are managing to break off from the leader and forge their own path in the markets. SHIB may not yet have much use as a cryptocurrency, but the team and community behind it seem set on making it have more utility.
Originally created as a memecoin, SHIB was just another DOGE jumping on the meme-trend and hoping to soar, but has since taken on a more serious approach, aiming to create a ‘Vibrant Ecosystem’.
Perhaps it’s this intent and popularity throughout the crypto community that has kept it safe from this latest BTC drop, or perhaps it’s something entirely unrelated, either way SHIB is definitely one to keep an eye on as time progresses.