- Earlier in the day, ETH/USD reached an intraday high of $1,192.
- Among the top three most-watched cryptocurrencies, Shiba Inu makes a surprise entry.
The biggest cryptocurrency exchange by trading volume, Binance, has announced its top three most-watched cryptocurrencies. Bitcoin, Ethereum, and Shiba Inu are the three most-watched cryptocurrencies as per Binance this year. In the wake of FTX’s decline, the cryptocurrency market has been suffering.
Investor faith in cryptocurrencies has been shaken by the demise of FTX, a crypto exchange once reportedly worth $32 billion. Market participants are attempting to assess the level of harm inflicted and the long-term effects on the industry.
Sam Bankman-Fried, the former CEO of FTX who resigned on November 11, was detained in the Bahamas last week. The U.S. government has accused him of many fraudulent activities, including wire fraud, securities fraud, and money laundering.
Prices Consolidate Ahead of Holidays
While market volatility remained in place ahead of the Christmas holidays, Bitcoin continued to consolidate to start the week. Even when the price of the biggest cryptocurrency in the world tried to break free of a critical resistance level on Monday, it stayed below $17,000.
On Monday, Ethereum (ETH) prices likewise levelled out, staying at or around the $1,200 mark. Earlier in the day, ETH/USD reached an intraday high of $1,192; however, bulls were unable to break past the $1,200 barrier.
Among the top three most-watched cryptocurrencies, Shiba Inu (SHIB) makes a surprise entry. This new benchmark is significant because it illustrates the rising popularity of Shiba Inu’s among cryptocurrency investors.
Though Shiba Inu’s ranking as one of Binance’s most-watched cryptocurrencies in 2022 is not unexpected. Cryptocurrency “whales” have pounced on Shiba Inu’s cheap pricing this year to acquire a disproportionate number of SHIB tokens.
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