SHIB, Cardano and Terra Luna rebound with altcoin market recovery
According to data from CoinMarketCap, the majority of altcoins, such as SHIB, Cardano, and Terra (LUNA), are currently adding value after Bitcoin broke above the $41,000 mark. A larger portion of this asset class has also recouped the losses suffered the previous week, with most tokens rising significantly over the past seven days. Chain analysis firm Saniment noted in his last 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 trading above lows of $1.01 hit on Feb. 3. At press time, ADA was changing hands at $1.16, up 8.51% in the past 24 hours according to data from CoinMarketCap. U.Today earlier reported that the balance held by addresses with 1-10 million ADA increased by 40.65% in January, as noted by IntoTheBlock. It says these addresses now collectively hold 24.87% of the circulating supply, which is currently 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. 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 currently in “fear,” an improvement from yesterday’s extreme fear.
