When Bitcoin (BTC) is in a strong bull market, there is a sense of invincibility among some investors. Record price after record price is achieved, attracting a whole new wave of investors who are bothered fear of missing out (FOMO). What can sometimes be healthy is a short dip that reminds investors that prices are not just going up.
A look at the crypto market
After producing straight green candles for days, the bitcoin price has shown a slight dip for the first time. Another high was reached just above $89,000 at 8 a.m. this morning, but breaking through $90,000 proved too strong a challenge. Bitcoin then started a decline, which continued to a value of $85,400.
Bitcoin is currently recovering from this, and one BTC is selling for $87,000. Still, this multi-thousand dollar drop caused a lot less anxiety than it would have done in other situations. In percentage terms, it is a lot less serious. The market’s largest coin is still up 3.7% over the past 24 hours.
The crypto market as a whole also continues to grow, by 1.8% to a value of $3.06 trillion. This puts it very close to the market value of Microsoft, whose total capitalization of $3.12 trillion was already surpassed yesterday.
One of the driving factors behind the growth (besides Trump’s victory) is the strong performance of the ETFs. These saw a staggering $1.1 billion in investment. This means that Monday, November 11 will go down in history as one of the most successful days for bitcoin spot ETFs ever.
The hardest climbers
Some cryptocurrencies are showing unprecedented growth, which does not often occur to this extent. Although a local dip seems to have thrown a spanner in the works, the numbers are still significantly green. Some of the fastest climbers are:
- XRP (XRP) up 13.5% to $0.673;
- Dogecoin (DOGE) up 12.8% to $0.36;
- Render (RENDER) up 10.4% to $6.82;
- Cronos (CRO) up 10.2% to $0.17;
- Stellar (XLM) up 9.3% to $0.121.
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The hardest fallers
The dip has caused a number of currencies that were previously rallying sharply to cool off. Some of these coins are significantly down. These include:
- Raydium (RAY), which is down 16.7% to $4.51;
- JasmyCOIN (JASMY), which fell 14.4% to a value of $0.02;
- Kaspa (KAS), which fell 13.7% to a value of $0.133;
- THORChain (RUNE), which is down 12.5% to $5.67;
- Shiba inu (SHIB), which fell 11.7% to a value of $0.0000248.
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