SHIB and DOGE Defy General Sentiment, BTC Recovers from Sub-$67,000 Drop (Market Watch)

Perhaps due to yesterday’s mass outflows from local Bitcoin ETFs or some FUD related to Mt Gox, the price of BTC fell sharply, but managed to recover all losses.

Altcoins are also relatively slow today, aside from the two biggest meme coins, which have seen impressive gains.

Bitcoin Dumps and Recoveries

After falling short of uncharted territory last Tuesday, bitcoin began to gradually lose traction and fell to $72,000 on Wednesday and Thursday. The picture worsened on Friday as it dipped below $69,000 on a couple of occasions.

After a failed recovery attempt, the bears returned and drove some more price declines. This culminated in a drop to a weekly low of $66,800 yesterday. This came amid massive outflows of domestic Bitcoin ETFs in the States during the last full day of trading before the presidential election.

However, the cryptocurrency didn’t hold up for long and has regained roughly all of its lost value since then. As of now, it is trading near $69,000 in anticipation of today and tomorrow’s news and election results.

Its market capitalization has remained around $1.36 trillion, while its dominance over the alts is around 57%.

Bitcoin/Price/Chart 05.11.2024. Source: TradingView DOGE, SHIB on the Run

Most of the larger-cap highs have been relatively quiet over the last day again. ETH, TRX, AVAX and LINK are slightly in the red, while BNB, SOL, XRP, ADA and BCH have minor gains.

Toncoin has shed more than the higher cap alternatives. TON has lost almost 6% of its value in the past day and is trading below $4.6.

In contrast, the two largest meme coins have risen the most. SHIB is up nearly 6%, while DOGE has soared over 11% following Elon Musk’s most recent interaction during an appearance on Jor Rogan’s podcast.

The total crypto market cap is essentially where it was yesterday, at just under $2.4 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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