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After managing to cross the $49k resistance level just 24h ago, BTC seems to have lost a bit of its upward momentum, and has fallen back to trade within its previous range after failing to rise above the $50k threshold. Similarly, ETH has also been facing some minor setbacks with regard to its price action in the past few hours, but has since held strong to remain near the $4,000 level. However, BTC and ETH's recent lackluster performances are not at all fully indicative of the larger crypto market's extant situation. For one, several altcoins like DOT and MATIC have been doing really well. Consistent top performers like AVAX and LUNA have also been largely unaffected by any corrections to the majors' prices. The performances of these altcoins aside, there are still a few things to watch out for, though. In the derivatives market, the recovery of the perpetual open interest is taking place much more rapidly than expected, and said perpetual open interest is now fast approaching a level that was held prior to the recent long squeeze. Could this possibly mean that we are going to experience another squeeze before the year's end? On the on-chain front, things are looking merrier. In looking at node data for the Bitcoin Lightning Network, it can be observed that the number of Bitcoin lightning nodes has been trending up, suggesting a consistent pace of adoption with regard to the Lightning Network. As the Lightning Network is a solution that guarantees and empowers faster payments and lower fees on the Bitcoin network, this steady increment of users is bullish news for BTC indeed.
While BTC and ETH continue to stall in terms of price action, SHIB seems to have other ideas. In fact, SHIB even saw a double-digit percentage increase yesterday after a crypto whale recently bought a whopping $136 million worth of SHIB tokens. After his/her splurge, SHIB tokens now constitute about 25% of the whale's portfolio, which was revealed to also hold a considerable amount of stablecoins and metaverse tokens. As of the time of writing, SHIB's 24-hour change has dropped to a modest 3.5%.