InstaForex

October 13, 2021

Unfortunate Day For ‘Alt Coin’! What Has Happened In The Crypto Market?

 Bitcoin has been showing outstanding performance since early October especially last week. From a level below $ 50,000, BTC has risen to a level of $ 58,000 which is a barrier level.


Within a week the BTC price has shown a 17%increase. Usually the strengthening of the BTC price will push other crypto assets to follow the same momentum.


However, this time, this is not the case with other crypto assets showing the opposite trend against the US dollar and BTC. Among the top 30 crypto assets, only Shiba Inu showed a positive performance.


Lately, this Shiba Inu has gained the attention of the crypto community. Some investors had bought this crypto for 6.2 trillion at the end of September.



Therefore, it is not surprising that futures trading for SHIB also continued to increase. This week alone SHIB has risen 300% to its highest level since May at $ 0.000035. Data from CoinGecko shows that SHIB has managed to rank 12th based on total market value.


 

It should be noted that other crypto assets have been hit by a ‘red ocean’ compared to BTC. Ethereum has lost more than 10% of its value and is currently at over 0.06 BTC. Back in September, ETH / BTC trading had reached its highest level in several months around 0.08.


Solana and Dogecoin were among the most unfortunate crypto assets with the worst performance last week.SOL, which jumped to an all -time high against the dollar in mid -September, has lost 22% of its value against bitcoin in the past week. The same thing happened to Dogecoin.