SHIB and DOGE Defy Overall Sentiment, BTC Recovers From Sub-$67K Dip (Market Watch)
2024-11-05

Perhaps due to the massive outflows from the spot Bitcoin ETFs yesterday or some Mt Gox-related FUD, BTC’s price tumbled hard but managed to recover all losses.
The altcoins are relatively sluggish today as well, aside from the two largest meme coins, which have posted impressive gains.Bitcoin Dumps and Recovers
After it failed to break into uncharted territory last Tuesday, bitcoin started to lose traction gradually and slipped to $72,000 on Wednesday and Thursday. The landscape worsened on Friday as it dropped below $69,000 on a couple of occasions.
After afailed recovery attempt, the bears came back and propelled a few more price declines. This culminated yesterday with a drop to a weekly low of $66,800. This came amidmassive outflowsfrom the spot Bitcoin ETFs in the States in the last full trading day before the presidential elections.
However, the cryptocurrency didn’t stay down for long and has recovered roughly all lost value since then. As of now, it trades close to $69,000 in anticipation of the election news and results today and tomorrow.
Its market capitalization has remained at around $1.360 trillion, while its dominance over the alts stands just shy of 57%.DOGE, SHIB on the Run
Most of the larger-cap alts have remained relatively still in the past day again. ETH, TRX, AVAX, and LINK are slightly in the red, while BNB, SOL, XRP, ADA, and BCH are with minor gains.
Toncoin has dumped the most from the larger-cap alts. TON has lost nearly 6% of its value in the past day and trades below $4.6.
In contrast, the two largest meme coins have surged the most. SHIB is up by nearly 6%, while DOGE has soared by over 11% after the most recent interaction by Elon Musk during a Jor Rogan podcast appearance.
The total crypto market cap is essentially at the same spot as yesterday at just under $2.4 trillion on CG.