- The global crypto market has collapsed by more than 6% in the past 24 hours, with Bitcoin dropping below $60,000 and Ethereum dropping from $4,000.
- Cardano is now trading below the critical $2 support level and has fallen further in the ratings, currently at number five.
- Dogecoin also dropped to 10th place, with Shiba Inu staying through the crash and grabbing the Doge’s heel.
Bitcoin, Ethereum, Cardano, and all the major cryptocurrencies are facing a massive correction in the market right now. The global crypto market is down 6.62% in the past 24 hours. More than half of that happened within a 15-minute time span.
The market-wide crash is said to have resulted from long-term investors locking in profits after last week’s rally in the cryptocurrency market – something that usually happens after Bitcoin, the market’s largest cryptocurrency, reached an all-time high.
Not only did Bitcoin break above $67,000 last week, but it also climbed on other coat tails such as Ethereum, Cardano, and Solana. However, after the wave of liquidation, all of these cryptocurrencies are trading below their critical support levels – Bitcoin below $60,000, Ethereum below $4,000, and Cardano below $2.
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Cardano, which lost its throne as the third largest cryptocurrency in the market last month, slipped further to fifth place. Both Tether and Binance Coin have more market capitalization than the coin that Charles Hoskinson founded as an alternative to Ethereum.
Meanwhile, Dogecoin took a leap this weekend after tech billionaire Elon Musk called it a ‘cryptocurrency for the people’ and also clarified that he does not own any Shiba Inu coins, contrary to what has been speculating in the market since the beginning of the month. When Musk brings home his new pet dog, Floki.
The most important cryptocurrencies in the world by market capitalization after the crypto decline on October 27:
|3||Binance coin||$75.7 billion|
|6||Solana||57 billion dollars|
|9||USD . coin||$32.5 billion|
|11||Shiba Inu||$21.8 billion|
The gap between Shiba Inu and Dogecoin narrows
The only cryptocurrency that still has a market cap of over $20 billion is Shiba Inu. However, the SHIB coin’s gains for the day are now much lower than it was this morning when it reached an all-time high of $0.00059. The meme coin has doubled in price since last week and is currently bucking the current market trend at $0.000054 – still 26% higher than it was 24 hours ago. With its primary competitor, Dogecoin, down 12.49% since yesterday, the gap in market capitalization between the two is now less than $9 billion. Shiba Inu is hot on the heels of Dogecoin as the 11th largest cryptocurrency in the market.
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Ethereum may offer the best returns, but investors have pulled out over the past two weeks