Why Bitcoin, Shiba Inu, and Dogecoin Are Sinking Today
Three of the most important cryptocurrencies investors watch are showing a lot of red on the screen today. As of 2:15 p.m. ET, Bitcoin (CRYPTO: BTC), Shiba Inu (CRYPTO: SHIB), and Dogecoin (CRYPTO: DOGE) led the crypto market lower with declines of 3.7%, 8.1%, and 7.5%, respectively, over the past 24 hours.
These moves are certainly significant, but they do represent a relatively small dent in the monthly and year-to-date gains of each of these tokens. Bitcoin is still up more than 7% over the past month and 130% over the past year, with Shiba Inu and Dogecoin seeing monthly and yearly gains of 28% and 15%, and 139% and 88%, respectively.
Now, the question many investors have is whether this near-term move is a temporary profit taking and consolidation trend over the near term, or if there are more structural factors that may impact these tokens. Let's dive into what's behind today's moves in these top tokens.
Source Fool.com
