Crypto Market Updates, November 11: Bitcoin drops 4%, Ether sees 3% decline

Bitcoin and Shiba Inu suffered a slight setback after reaching separate milestones over the last 24 hours. Bitcoin experienced a decline of 4% after surpassing $69,000 for the first time in its trading history on Wednesday. Ether also fell to about $4,600 with a 3% decline.

The sharp decrease in Bitcoin was due to the China Evergrande Group failing to pay its interest payments to its international investors on bonds and also raised concerns about a potential default of the company. As per the trading data, Wednesday’s trading volume was comparatively lower than Monday and Tuesday across major centralized exchanges. Combined with the Chinese real estate developer, it has affected the financial market along with the crypto market. The investors might be patient with the market over the next few days to see how the Chinese market responds to the latest developments as their behaviour will cause another rift in the market. Bitcoin was trading at $65,000 and between $63,000-$65,000 in the Asian trading hours.

The Intraday charts have already started to show the early signs of upside exhaustion, which will indefinitely lead to a brief decline in BTC’s price. However, the upside momentum signals are already moving up on the daily price chart. This could mean that the buyers must remain attentive to these slight declines.

Shiba Inu’s price prediction and situation

The Shiba Inu (SHIB) witnessed a decline of 10.53% in its trading value over the last 24 hours and witnessed a setback, as the Dogecoin (DOGE) has reposted a 6.25% fall in the last 24 hours. Shiba Inu was trading at $0.0000492 and Dogecoin at $0.2576 at the time of publishing and the investors hope that the coins will provide a larger return.

Over the previous month, Shiba Inu has become the most popular cryptocurrency on Twitter. The data was released by a research firm ICO Analytics. The firm calculated Shiba Inu’s share in the top 20 crypto coins and found out that the meme coin has a 22% share of all crypto asset discussions on the platform. Dogecoin came forth as it had a 4.8% popularity. ETH and BTC both have declined in their popularity as they fell by a percent each.

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