Market Watch: Bitcoin Stalls at $62K, Shiba Inu Plunges 35% From ATH

Market Watch: Bitcoin Stalls at $62K, Shiba Inu Plunges 35% From ATH

After the enhanced volatility prompted by news from the United States, bitcoin has calmed around $61,500. Some altcoins have also slipped since yesterday, with SHIB losing double-digits in a day. In contrast, Solana has tapped yet another new all-time high.

Bitcoin’s 24H Ride

Just a few days ago – on November 1st – the primary cryptocurrency dumped below $60,000. It reacted well, rebounded just as quickly, and even exceeded $62,000. Following another brief decline, BTC went on the offensive again and skyrocketed to $64,500 – the highest price level since mid-October.

However, it failed to continue upwards and stalled around $63,000, as reported yesterday. This is where news from the US Federal Reserve emerged indicating that the central bank will slow down its money-printing initiatives.

In a matter of minutes, BTC dumped by $3,000 and bottomed at $60,000. However, it spiked back up just as quickly. As of now, though, the asset has slid in value once again and stands below $62,000.

Although its market capitalization still sits above $1.150 trillion, bitcoin’s dominance over the alts is now below 43%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL New ATH: SHIB Dumps Hard

Ether performed well in the past few days, setting new all-time highs, with the latest coming yesterday at nearly $4,700. However, the second-largest crypto has lost some traction since then and is now down to $4,500.

Solana, though, continues to march on and tapped a new record of over $240 earlier today. Moreover, its market capitalization has exceeded that of Tether and SOL is now the fourth-largest digital asset by that metric.

Polkadot and Terra are slightly in the green, while Avalanche is the most significant gainer with a 9% surge to $78. Earlier today, AVAX saw a new ATH of its own at just over $80.

Cardano, Ripple, Dogecoin, and Chainlink have lost substantial chunks of value. Nevertheless, Shiba Inu has dumped the most in a day – 15%. Furthermore, SHIB is now down roughly 35% from its ATH as Kraken’s potential listing of the popular meme coin has been delayed.

IoTeX has exploded by 110% in a day and 160% in a week to $0.16, making it the biggest gainer. As such, IOTX has found a place within the top 100 coins.

Holo (19%), Telcoin (15%), Axie Infinity (12%), Kadena (12%), Ravencoin (12%), and Amp (12%) follow suit.
The crypto market cap is down by $40 billion in a day, but it’s still well above $2.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto