What happened: The apex cryptocurrency fell 4.65% on a 24-hour basis to $ 62,837.64. For the week, BTC has appreciated 9.95%.
Ethereum (CRYPTO: ETH) was down 1.91% to $ 4,114.33 on a 24-hour basis. Over the past seven days, it has increased 9.01%.
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) was down 4% to $ 0.245 on a 24-hour basis. Over the past seven days, it has gained 6.55%.
The main 24-hour winners include ThorChain, The Graph, Nexo and Solana, according to data from CoinMarketCap.
ThorChain climbed 16.65% to $ 9.51, The Graph climbed 10.61% to $ 0.9611, Nexo rose 9.12% to $ 2.27 and Solana rose 7.42 % to $ 200.37 during the period.
Notably, Solana traded 5.2% below the all-time high of $ 214.96 it reached last month.
See also: How to buy Solana (SOL)
Why is this important: Bitcoin traded 6.28% lower than the all-time high of $ 66,930.39 it reached at press time on Wednesday.
Cryptocurrency markets remain in a bullish mood with Alternative’s ‘Crypto Fear & Greed Index’ pointing to Greed at press time.
Michel van de Poppe, an Amsterdam-based cryptocurrency trader, dismissed the idea that the current market correction was heralding a bear market.
No, we are not going into a bear market.
We are at the start of a massive second round of this bull cycle.
— Michaël van de Poppe (@CryptoMichNL) 21 October 2021
Ethereum hit an all-time high of $ 4,366.09 on Thursday. At time of printing, it was trading 5.7% below this high.
Meanwhile, traders who opened leveraged long positions in anticipation of an Ethereum breakout were in a hurry on Thursday, according to Digital Delphi, an independent research firm.
“Given the price instantly recovered, this was an obvious upheaval orchestrated to eliminate the over-indebted monkeys. ”
“As we move into the next phase of the crypto bull market, take this as a lesson: keep your leverage in check and don’t try to get ahead of the market,” Delphi Digital wrote in a mailed note. electronic.
The exuberance around Bitcoin futures ETFs is expected to continue with the offer from Valkyrie Investments expected to hit the Nasdaq on Friday. The fund will trade under the ticker « BTF » despite previous plans to trade under the more memes-centric “BTFD” ticker, Coindesk reported.
Potential Ethereum Futures ETFs are also getting the market and analysts excited.
Delphi Digital noted that there is “strong demand” for the recently launched product. ETF Bitcoin ProShares (NYSE: BITO) and that begs the question, “If a futures ETF does well from inception, what kind of welcome would a suitable spot ETF receive?” “
Read more : Elon Musk teases Bitcoin hitting $ 69,000 in meme signing on Twitter