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SHIB Rebounds Alongside Cardano, Terra Luna in Altcoin Market Recovery

Sat, 02/05/2022 - 14:53
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Tomiwabold Olajide
SHIB, Cardano and Terra Luna rebound with altcoin market recovery
SHIB Rebounds Alongside Cardano, Terra Luna in Altcoin Market Recovery
Cover image via stock.adobe.com

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As per CoinMarketCap data, the majority of altcoins, such as SHIB, Cardano and Terra (LUNA), are presently adding value after Bitcoin rose past the $41,000 mark. A larger chunk of this category of assets has also gone on to recoup losses made in the prior week, with most tokens significantly up in the last seven days. On-chain analytics firm Santiment noted this in its latest tweet:

Shiba Inu has ticked higher since Feb. 3 from lows of $0.000020. At the time of publication, SHIB was trading hands at $0.000023, up 9.70% in the last 24 hours, according to CoinMarketCap data. In the last 24 hours, Shibburn reports there have been a total of 17,081,193 SHIB tokens burned and 10 transactions. So far, a total of 410,302,031,022,757 SHIB tokens (41.0302%) have been burned from the initial supply of one quadrillion.

Cardano (ADA) is standing higher above lows of $1.01 reached on Feb. 3. At press time, ADA was changing hands at $1.16, up 8.51% in the last 24 hours as per CoinMarketCap data. U.Today earlier reported that the balance held by addresses with 1-10 million ADA has increased by 40.65% in January, as IntoTheBlock noted. It states that these addresses now collectively hold 24.87% of the circulating supply, which is presently 33.57 billion ADA.

Terra (LUNA) is gradually recovering after dipping to lows of $43.49 on Jan. 31. LUNA presently trades at $56.81, up 10.86% in the last 24 hours per CoinMarketCap data.

Bitcoin recovers above $41,000

Bitcoin (BTC) and alternative cryptocurrencies, or altcoins rallied, reversing losses from a few days ago. The altcoins outperformed as Ethereum rose near the $3,000 mark.

Several indicators, like the Crypto Fear & Greed Index and the Relative Strength Index (RSI), have predicted negative extremes in the crypto market in recent weeks. However, some analysts predicted that a buyers' comeback, similar to what happened following Bitcoin's death cross in 2021.

The Crypto Fear and Greed Index is presently in ''fear,'' an improvement on yesterday's extreme fear.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.