The Daily Breakdown highlights GM’s rally toward record highs and gold’s tumble, while taking a closer look at Shiba Inu and Litecoin.
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Crypto Corner
We’re continuing our talk about the ins and outs of the crypto market, helping investors to get more familiar with the 100+ cryptoassets offered by eToro. Many of these names may be familiar to investors today, where we’ll discuss Litecoin and Shiba.
Litecoin (LTC): Trading near $93 with a market cap of roughly $7.1 billion
Litecoin is a decentralized, open-source payment network created in 2011 as a faster, cheaper alternative to Bitcoin. Built from Bitcoin’s codebase, it uses proof-of-work mining and has no token sale, pre-mine, or central authority.
The Litecoin Foundation, a nonprofit, supports development but does not control the network. LTC is primarily used for payments and transaction fees, not speculation or dividends. Its decentralized, community-driven structure and long track record make it one of the industry’s oldest and most established peer-to-peer digital currencies.
Shiba (in millions) (SHIBxM): Trading near $10 with a market cap of roughly $5.9 billion
Shiba Inu is an open-source, decentralized digital currency launched in 2020 by an anonymous creator. Built on the Ethereum blockchain, it was introduced as an experiment in community-driven finance and operates without central leadership. There was no token sale, pre-mine, or founder reward — with half the tokens sent to Ethereum’s founder and the rest made publicly available.
The network is fully community-run, with millions of users contributing to its growth through projects like NFT collections, a decentralized exchange, and charitable partnerships. SHIB’s purpose remains functional and decentralized — designed for payments, accessibility, and broad public participation.
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The Setup — Shiba
Shiba is sitting on a key support area after the recent spat of volatility that rolled through the alt-coin space.
Remember, we’re looking at SHIBxM (or Shiba in millions) as it sits right near the $10 mark. This level has been support over the past year, buoying Shiba on each of its major dips. However, this level was breached on this latest dip before it was eventually recovered.
If Shiba can’t muster up a bounce from here and $10 fails as support, more selling pressure could ensue. Conversely, if it does hold and a bounce takes shape, bulls could see more upside.
What Wall Street’s Watching
Shares of General Motors are rallying this morning, up more than 10% in pre-market trading after the firm reported better-than-expected earnings and raised its full-year guidance. The rally has the stock nearing its highest level since January 2022, when GM set a record high of $67.21. Dig into the fundamentals for GM.
Gold prices are falling this morning, with the metal down about 3% as volatility starts to hit an asset that has been flying high for some time now. The decline is weighing on the GLD ETF as well, which is down 3.5% in pre-market trading. This morning’s decline comes a day after gold hit new record highs and was already approaching $4,400 an ounce after recently clearing $4,000 for the first time. Check out the charts for GLD.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.