In these days when the price of Bitcoin is approaching all-time highs, the prices of altcoins, such as Shiba Inu, Cardano, and Litecoin, are performing differently in some cases.
The boom of Shiba Inu, followed by Cardano and Litecoin
Today, the best performing coins are meme coins.
Among these we take a look at SHIB, the token of the Shiba Inu project.
Compared to yesterday, the price of SHIB is gaining 20%, but in reality it has been growing since the beginning of February.
Indeed, in the last seven days the percentage gain rises to 175%, and in the last thirty days to 190%.
At the beginning of February its price was still below 9 millionths of a dollar, but by the end of the month it had risen above 10.
At the beginning of March it had risen to 12, but starting from last Friday it began a crazy race that seems to still be ongoing.
Today for a brief moment it even rose above 27 thousandths, while now it is around 26.
It is still a value that is 70% lower than the historical maximum, the 88 cents touched in October 2021, but it is much higher compared to the minimum of the subsequent bear market.
It is worth noting that this bottom was below 7 millionths, not much lower than the 9 millionths at the beginning of February 2024.
So until a month ago it was still basically full crypto winter, with minimal recovery during the last months of 2023. The real awakening only happened at the end of February, with the price now back to the levels of April 2022, before the Terra/Luna implosion.
The drop of Litecoin
Some cryptocurrencies, on the other hand, are experiencing negative performance.
For example LTC, which has now slipped to 19th place in terms of market capitalization, is down by a nasty -1.7% today, while for example Bitcoin is up by +4%.
In reality, the price of Litecoin had increased a lot in the last few weeks, because even with today’s drop it is still showing a good +30% in the last week and a +33% in the last thirty days.
The rise of Litecoin therefore began before that of Shiba Inu, and in particular starting from February 26, but despite this it is still down by -78% from the highs of 2021.
The problem is that the bear market of 2022 has been really heavy for Litecoin, with a descent of 46% from the all-time high of $412.
By mid-October 2023, he had recovered some ground, but had only reached $61.
At the end of the year it had risen to $77, but then dropped back down to $64.
Thanks to this latest jump, it has risen to $90, although during 2023 it reached even higher peaks above $100.
Expectations for last year’s halving, which drove up the price, and the subsequent disappointment for the lack of a boom, weighed heavily on this dynamic.
At this moment, it has recovered what it had lost during the post-halving disappointment period, and is doing nothing but following Bitcoin.
Cardano’s (ADA) performance
ADA on Cardano instead is slightly outperforming Bitcoin today, with a +6%.
Even Cardano has performed well in the last few weeks, in line with Litecoin: +34% in the last seven days, and +49% in the last thirty.
Actually it’s doing a little better both LTC and BTC, but it’s still down -75% from the 2021 highs.
In some ways, the same reasoning applies to ADA as it did for Litecoin: ADA also suffered a lot during the last bear market.
After surpassing $3 in September 2021, the price of Cardano plummeted to $0.25 the following year, and during 2023 it even dropped further to $0.24.
However, with the restart of the crypto markets in October of last year, it started again, until closing the year above $0.6.
After a brief drop below 0.5$ in January, at the beginning of February it started to rise again, reaching almost 0.8$ today.
However, the current price is still only in line with that of early May 2022, before the Terra/Luna implosion, highlighting how Cardano’s 2023 hasn’t been great.
The crypto market, between October 2023 and today, has definitely picked up, but at the moment among the top cryptocurrencies only Bitcoin is dominating.
Ethereum follows closely, but among the others none has yet approached the highs of 2021.