Most Cryptos Trade in Red As Bitcoin Dips Again

Most major cryptocurrencies were in the red Tuesday as the world’s most popular Bitcoin fell again after gaining a slight momentum in the last couple of days. The global crypto market cap fell 0.73% to $2.57 trillion as of 2.36 a.m. ET. 

Bitcoin fell 2.04% in the last 24 hours to $56,481. The top coin’s market cap fell to $1.067 trillion. Pseudonymous Dutch investor Plan B is hopeful that Bitcoin is still on track for the $100K mark even after it missed their November target. 

As Bitcoin fell in the last 24 hours, most of the top coins including Binance Coin, Tether, Solana, Cardano and XRP were down as well. Experts called it a “minor pullback” of the crypto market. 

“The cryptocurrency market faced a minor pullback after a quick sprint over the past 24 hours. BTC dropped to just above $56,000 after inching closer $59,000 mark,” Edul Patel, CEO and co-founder of Mudrex, a global algorithm-based crypto investment platform, told India Today. 

Ethereum, the second top coin, surged 1.02% to $4399. It was 7.31% up compared to last week. The top coin started gaining momentum after it hovered below $4000 in the past few weeks. It touched a record high of $4865 on Nov. 10.

Meme crypto Shiba Inu continued to rise and was up 3.19% in the last 24 hours after the acceptance of SHIB tokens as payment by online electronic retailer Newegg and the listing of the meme coin on the Kraken crypto exchange.

Rival Dogecoin also surged 2.86% in the last 24 hours. 

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

Bitcoin is back above $62,000 and homing in on its record high Photo: AFP / Justin TALLIS