Cryptocurrencies go through a very natural ebb and flow. After every drop, there is a rise in prices, and with every rise in price, there can be a drop in prices. This is always something that most investors take into account. But when the market starts soaring the way it has for the past few weeks, it can be easy to forget that it will all come to an end. And in the case of Bitcoin, that end may be coming much sooner than expected.
Despite trading at an all-time high of $67,000 just last week, it seems that the prices of bitcoin have started to fall. The poster child for the entire market lost more than 5% of its value in a single shaving off almost $8,000 in the process. With a drop of that size, most other markets would consider that a market correction. But since this is the crypto market, these sorts of drops in prices are only expected.
But what is more interesting is just how many investors are looking to drop Bitcoin for the newer crypto, Shiba Inu. Shiba Inu has seen a massive rise to fame, with an almost 500% increase in a relatively short span of time. Some have even gone so far as to call it the true successor to Dogecoin. And to think, there is so much praise for a coin that is not even a penny yet.
Despite investors looking to drop bitcoin of the newer and shinier cryptocurrencies, bitcoin is still the biggest crypto in the market. With over 13,000 options in the market right now, people always manage to choose and stay with Bitcoin. And the main reason for that is its tenacity. Regardless of how many times Bitcoin falls down, it is able to get back up again. It is the same reason why it can go from $60,000 to $30,000, and then back to touching $70,000 within half a year.
Furthermore, when people call bitcoin the poster child for the market, they mean that literally as well. Bitcoin is so big that its market cap is almost half of that of the entire market. Ether comes in second, but is still very far behind with only $470 billion worth of tokens. The rest of the tokens are nowhere near close, and they will be coming closer any time soon.
With Bitcoin ETFs now officially trading in the New York Stock exchange, it is easy to see that Bitcoin will remain the alpha of the market for some time. What is more impressive is that the ETF launched today one trades reached almost a billion dollars.