Crypto Volatility Continues Into The Weekend But These Two Coins Are Up Solidly; While Shiba Inu And Doge Whimper

Crypto Volatility Continues Into The Weekend But These Two Coins Are Up Solidly; While Shiba Inu And Doge Whimper

The cryptocurrency market was largely in a sea of red this week amid profit taking following recent stellar gains. Over the weekend, a reversal was in play, but the market continued to witness volatility.

The Week That Was In The Crypto Realm: Bitcoin BTC/USD, which climbed to an all-time high of $68,789.63 on Nov. 10, declined about 19% to a low of $55,705.18 on Nov. 19, signaling that the most valued crypto is currently in correction territory. Just as it was threatening to break below a level that could send Bitcoin into bear market territory, support has emerged.

Popular meme coins Doge DOGE/USD and Shiba Inu SHIB/USD also went down with the overall crypto market. Doge plummeted to a low of $0.216099, a level not seen since early October. Shiba Inu, its sibling, dropped to a low of $0.000041 on Thursday but has since recovered.

The standouts, however, were metaverse-linked currencies. Decentraland's Mana MANA/USD, Sandbox SAND/USD, Enjin Coin ENJ/USD and WAX WAXPP/USD all notched up strong gains.

Related Link: Shiba Inu Approaches An Important Milestone

Avalanche, Crypto.com Lead Recovery: The cryptocurrency market is seeing a modest recovery heading into the weekend. Bitcoin is up modestly and is trading around the $58,000 mark.

The standouts among the altcoins are Crypto.com CRD/USD, which is up over 4%, and Avalanche AVAX/USD, which is advancing over 8%.

Meanwhile, Shiba Inu, which saw some strength on Friday, is pulling back, as it fails to convincingly break above a resistance around $0.000049. Doge has not gained much traction either.

As we head into the year-end, it remains to be seen whether cryptocurrencies can pick up the lost momentum and race to a record finish.

At last check, Bitcoin was up 0.12% at $57,882.43.
Avalanche was gaining 8.56% to $119.11.
Crypto.com was adding 4.39% to $0.549159.
Shiba Inu was retreating 10.76% to $0.000046.
Doge was moving down 2.23% to $0.227369.

Related Link: What Is Bitcoin

Posted In: CryptocurrencyMarkets