The crypto sector faced a bump yesterday as most coins dropped in market value. Even the strong-going Bitcoin dipped below the 60,000 dollar mark. The world’s biggest crypto traded 3.5 % below at 58,725 dollars.
While the numbers are unfavorable, Bitcoin is still trading 30% up in October. In addition, Bitcoin broke through the 65,000 dollar mark recently with the news of its ETFs surfacing. For example, BITO or ProShares Bitcoin Strategy ETF amassed over 1 billion dollars in assets within a week.
Similarly, Ether also followed BTC’s ventures into a downward spiral. The second-largest crypto dropped by 5% to 3,959 dollars despite its Altair update dropping recently. Solana also faced immense losses due to an 8% fall to reach 185 dollars.
The trend haunted most altcoins as XRP and Cardano shed more than 11% in 24 hours. Litecoin and Polkadot shared the same fate, falling 9-10% in a short span.
Contrarily, Shiba took an opposite turn to score a whopping 70% growth in 24 hours. As a result, the crypto reached 0.00008241 dollars, becoming the 9th-largest crypto with 40 billion dollars in market value.
Investing in Shiba Inu has been a risky affair as the crypto plummeted after Elon Musk tweeted he does not own the crypto. Overall, the crypto industry scored 1.47 billion dollars in inflows. The figures broke previous records, and Bitcoin accounted for 99% of the amount.
Statistics show Bitcoin’s market prevalence. Even the El Salvadoran president tweeted about buying 420 new BTC after the dip. The tweet helped BTC’s case a bit, but the crypto still trailed below its par value.
Antoni Trenches, Nexo’s Co-Founder and Managing Partner, talked about the drop. Antoni did not show any surprise regarding Bitcoin’s fall from the 67,000 dollar mark. The crypto was bound to stop at some point, given its surge from 30,000 dollars in two months. The crypto needs to cool off before taking the next big step.
Matt Maley, Miller Tabak + Co’s Chief Market Strategist, stated that altcoins have always been volatile. Therefore, the dip is not surprising as most people tend to sell these coins quicker than Ethereum and Bitcoin.