The cryptocurrency market has entered a correction phase, and the value of top coins has fallen. Bitcoin lost ground above $69,000, while Ethereum fell below $2,700.
The Fear and Greed Index still shows greed among traders. According to CointreeDespite cryptocurrency fluctuations, the metric remains at 70. TRON remained an outlier on Monday, with most top cryptocurrencies falling in value.
MEW and Aptos were among the few emerging tokens to gain value over the past 24 hours. Below is an overview of the cryptocurrency market along with the latest developments.
Bitcoin
The market leader lost steam after a week of optimism, losing $69,000. BTC has found some ground near $67,500, currently trading at $67,679.
The cryptocurrency lost 1.88% of its value in 24 hours, but its 7-day performance still shows a surge of 3.68%. Despite the price drop, the Bitcoin spot ETF recorded net inflows of $298 million on Monday.
Investors at BlackRock’s IBIT also invested $329 million in a BTC ETF to capitalize on the decline. For Bitcoin to break out of its bearish sentiment, it must break above the resistance level of $68,241.
Ethereum
Ethereum has taken Bitcoin by a notch and has lost 3% of its value in the last 24 hours. The coin fell from $2,700 to $2,651.
The weekly rate of return also fell sharply by 2.03%. Experts predict that Ethereum will dominate in the fourth quarter along with other top cryptocurrencies. ETH would need to test the $2,704 resistance level to meet these expectations.
On the other hand, traders need to stay above the $2,646 support level to remain invested.
Dogecoin
DOGE’s bull run came to a halt on October 21st. The original meme token lost 2.04% of its value in 24 hours but maintained its $0.14 position.
The token is trading at $0.1462 with a weekly gain of 26%. This explains why the token’s 24-hour trading volume increased by 7% despite the recent market decline. This coin has outperformed several emerging meme tokens and is establishing its dominance.
tron
TRX is the only cryptocurrency in the top 10 to gain value in just 24 hours. On October 21, the coin surged 2.07% to trade around $0.16.
The weekly surge is 0.29% and the current value is $0.1592. 24-hour trading volume also increased by 46% in the last 24 hours. Traders are showing confidence in TRON amid continued bearish sentiment.
Cats in a dog’s world
MEW (Cats in the Dog World) surprised the market by surging 5.59% in 24 hours. The cryptocurrency is targeting $0.010 and is currently trading at $0.009126.
Meme Coin gained 4.38% in value last week. Ranked 85th among the top cryptocurrencies, its 24-hour trading volume is reaching unprecedented levels. The coin surged a whopping 290.44% in 24-hour trading volume on Monday.
This is one of the best meme coins that is expected to see explosive growth in the coming weeks.