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Precise Investors

Tuesday, December 7, 2021
Alternative Investments

Bitcoin, ether drop, while Shiba Inu and dogecoin rise

dogecoin rise

Data from Cointelegraph Markets Pro and TradingView showed lacklustre price action on Sunday, with BTC/USD below the “worst case scenario” for its October close

Bitcoin (BTC) delivered fresh retests of $60,000 support on Oct. 31 with a matter of hours left until the crucial monthly close.

Data from Cointelegraph Markets Pro and TradingView showed lacklustre price action on Sunday, with BTC/USD below the “worst case scenario” for its October close.

Ether, the coin linked to ethereum blockchain and the second largest crypto, declined more than 1% to $4,312. Cardano prices soared more than a per cent to $1.97 whereas dogecoin rose 5% to $0.27. Other digital tokens like XRP, Solana, Stellar, Uniswap were also trading with gains over the last 24 hours. Shiba Inu, which has been on a record rally since the past few sessions, was up over 5% to $0.000069, as per CoinDesk.

Ether prices jumped to record high during the weekend. Its latest milestone comes as the digital token has far outperformed Bitcoin throughout this year with a sixfold rise amid crypto’s decentralized boom.

Altcoins staged similar moves as Bitcoin declined, with the top ten cryptocurrencies by market cap seeing modest losses over the past 24 hours.

Analysts were eagerly awaiting to see if the end of the month could provide a turnaround and prove the worst case theory correct for a third month running.

Its creator, PlanB, father of the stock-to-flow model, correctly guessed the $47,000 and $43,000 finales for August and September respectively.

Even without succeeding, however, finishing October above $60,000 would mark several achievements in itself.

As Cointelegraph previously noted, Sundays have tended to see weaker performance from Bitcoin this month, with Monday contrasting the mood with a show of strength, particularly into the U.S. open.

BTC daily says get ready for November, popular trader and analyst TechDev summarized on the day, putting the focus on the coming month.

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