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BTC, TON, SHIB Make Dramatic Price U-Turn, What Happened?

Published 05/14/2024, 09:52 AM
Updated 05/14/2024, 02:30 PM
© Reuters.  BTC, TON, SHIB Make Dramatic Price U-Turn, What Happened?

U.Today - There was a dramatic resurgence on the market earlier today; however, a bearish twist is engulfing some of the most promising altcoins at the moment. After trading higher and uplifting many traders’ sentiment earlier in the day, Bitcoin's (BTC) price has made a bearish U-Turn and is now trading down 1.56% in 24 hours to $61,760.25.

The bearish slump has also engulfed the duo of Toncoin (TON) and Shiba Inu (SHIB). Earlier today, TON soared as high as 5%; however, at the time of writing, the coin is down by 6.85% to $6.846.

Shiba Inu (SHIB) was not spared from the market uncertainty, slipping by 2% to $0.00002362 after jumping as high as 6% earlier in the day. One intriguing similarity between these three assets is their strong community of backers. Though other altcoins like Binance Coin (BNB), Cardano (ADA) and Avalanche (AVAX) are on the rampage at the moment, the swift transition underscores how sensitive BTC, TON and SHIB are to trends on the market.

As Bitcoin is the dominant coin of the three, the growth trends it is likely to exhibit in the short term have what it takes to trigger a corresponding recovery. Amid the sudden price slip, market experts believe conditions are primed for Bitcoin to chart ambitious new uptrends.

The Bitcoin halving event and the accompanying demand from the spot Bitcoin ETF market serve as a massive catalyst to drive the price of the coin. Over the past few weeks, many bullish revelations have shown that many top financial and investment firms have exposure to spot Bitcoin ETFs. Among the most revered include UBS, BNP Paribas (OTC:BNPQY) and Susquehanna International Group.

The important fundamental news in the Shiba Inu and Toncoin ecosystems can also drive sustained sentiment to fuel a comprehensive price recovery.

This article was originally published on U.Today

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