The cryptocurrency market has witnessed a bloodbath over the weekend, with Bitcoin (BTC) falling over 22% on the weekly charts to the $53,000 level.
The global crypto market cap has dropped 12.6% in the last 24 hours, currently at $1.97 trillion.
Market Performance Overview
Bitcoin and Other Assets
Other assets, such as Shiba Inu, have also taken a significant beating. SHIB is currently down to a 5-month low, falling 14.8% in the last 24 hours, 29.7% in the weekly charts, 33.3% in the 14-day charts, and more than 20% over the previous month.
Factors Influencing the Market Dip
The latest market dip is likely due to several factors. Last week, Japan increased its interest rates, which led to the country’s Nikkei stock index falling.
Meanwhile, in the US, the Federal Reserve has still not commented on an interest rate cut in September, which many traders are expecting. US jobs data may also have contributed to the current market dip.
Another factor that may have influenced the selloff is the rising geopolitical tension in the Middle East. Iran and Israel may be on the verge of conflict, and investors are not too happy about that.
Also Read: Shiba Inu: Can $500 Worth Of SHIB Become $1 Million by 2030?
Should You Buy More Shiba Inu During the Dip?
Buying the dip is one of the most preferred investment strategies. If you buy more when the market is down, you bring down the average purchase cost of each token.
Future Prospects of Shiba Inu
Shiba Inu is an extremely popular cryptocurrency with significant growth potential. Many analysts see a bullish future for the coin.
Telegaon anticipates SHIB to hit a maximum price of $0.00006 this year.
Changelly, on the other hand, predicts SHIB to hit a peak of $0.00003 in 2024. Current prices could also be an excellent entry point for new investors.