The prices of the majority of cryptocurrencies (cryptocurrencies) with large market caps are observed to tend to vary in trading, where the shiba inu digital coin officially entered the ranks of the top 10 large market cap cryptocurrencies.
Based on data from CoinMarketCap at 09:00 WIB, the cryptocurrencies that were corrected again were bitcoin, cardano, solana, XRP, shiba inu, and dogecoin. While cryptocurrencies that have strengthened are ethereum, binance coin, tether, and polka dots.
Bitcoin weakened 0.15% to a price level of US$ 61,337.22/coin or equivalent to Rp. 874,055,385/koin (assuming today's exchange rate is Rp. 14,250/US$), the shiba inu fell 3.16% to a level of US$ 0, 00006961/coin, and Dogecoin corrected 2.25% to US$ 0.2676/coin (Rp 3,813/coin).
While ethereum rose 0.52% to a price level of US$ 4,320.98/coin or Rp. 61,573,965/coin, Binance Coin rose 3.79% to US$ 546.65/coin (Rp 7,789,763/coin), and polka dots skyrocketed 12.89% to US$ 48.71/coin (Rp 694,118/coin).
The following is the movement of the top 10 cryptocurrencies with a market capitalization of over US$ 30 billion.
Bitcoin is trading in a tight range for the past few days. It seems that the extreme bullish sentiment is starting to cool off after the digital coin with a market cap of more than US$1 trillion hit a new high of US$66,900 formed two weeks ago.
However, some analysts predict that the bitcoin correction space is narrowing further, as investor interest increases in the bitcoin futures market.
"[Increased open interest] is usually a bearish signal because it means there is more leverage in the system, this increases the chances of a liquidation event where traders are forced to sell and prices go down," said Marcus Sotiriou, a broker at a digital asset brokerage based in the UK, GlobalBlock, quoted from CoinDesk.
"Aside from the open interest, the euphoria seen from the rise of 'meme' coins like the shiba inu, could contribute to the increase in crypto leverage in the short term, as retail traders increase," added Sotiriou.
Meanwhile, according to data from CoinShares, the inflow of investors in crypto decreased in the week ending October 31, 2021.
Investor inflow was recorded to have fallen to US$ 288 million, from the previous week's US$ 1.47 billion. Although it tends to fall, the inflow of investors in crypto this year is still quite large, reaching US $ 8.7 billion.
As in the previous week, most of the investors' funds entering the crypto market were recorded by bitcoin at around US$269 million.
On the other hand, the shiba inu 'meme' token was considered the best alternative crypto (altcoin) throughout last October, where the digital coin with the same character as the digital coin Dogecoin shot up 765% over the past month.
Even now, the market capitalization of shiba inu is around US$ 38 billion, above dogecoin which has a market capitalization of US$ 35 billion.
When the shiba inu is on the rise, dogecoin is also 'splashed' by the blessings of the shiba inu, even though the two are considered to be competing. On Thursday (10/28/2021) last week, Dogecoin reached its highest level since August 20, which was around US$ 0.30.