Bitcoin, Ethereum, Dogecoin Take A Dive As 'Extreme Greed' Prevails, Shiba Inu Shoots To All-Time High

October 26, 2021 8:25 pm
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Bitcoin, Ethereum, Dogecoin Take A Dive As 'Extreme Greed' Prevails, Shiba Inu Shoots To All-Time High

Major coins declined on Tuesday evening as the global cryptocurrency market capitalization fell 2.25% to $2.56 trillion.

What Happened: Bitcoin (CRYPTO: BTC) fell 4.04% to $60,425.75 over 24 hours. Over a seven-day period, it has fallen 6.11%.

The second-largest cryptocurrency Ethereum (CRYPTO: ETH) fell 1.93% to $4,129.57 over 24 hours. Over the last seven days, it has risen 6.57%.

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) was down 3.08% to $0.26 over 24 hours. Over a seven-day trailing period, it has risen 4.25%.

DOGE-rival Shiba Inu rose 12.25% to $0.00004719 over 24 hours. It was the second-highest gainer over the period, as per CoinMarketCap data. Over a seven-day period, it has shot up 68.22%. 

Shiba Inu touched an all-time high of $0.00004948 on Tuesday and was trading 3.92% below that level at press time.

The top 24-hour gainer was Holo, which rose 18.01% over 24 hours to $0.0114. It has gained 23.64% over the last seven days. 

The token associated with a peer-to-peer distributed platform traded 23.12% and 20.33% higher against BTC and ETH respectively.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The “Fear & Greed” index by Alternative signaled “Extreme Greed” at press time even as Bitcoin took a breather from its latest rally precipitated by the launch of the ProShares Bitcoin Strategy ETF (NYSE:BITO) and other similar peers. The latest to join the fray is Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF).

“The Crypto Fear and Greed Index is back to highs we haven’t seen since early March, officially marking “Extreme Greed” levels. However, this doesn’t mean a deep pullback is guaranteed, especially since momentum is a key input into the index’s calculation,” said independent research firm Delphi Digital, in an emailed note.

On-chain data indicate that long-term holders of Bitcoin are taking modest profits. Using dormancy as a metric, on-chain analysis firm Glassnode pointed out that a pre-bull dormancy baseline of near 50-days was established throughout 2019-20.

Using this baseline Glassnode gauged accumulation vs distribution. A significant uptick in dormancy shows “Hodling.” 

A chart shared by Glassnode shows notable accumulation near the mid-September period when the price of the apex cryptocurrency saw a decline.

Chart Showing Entity-Adjusted Dormancy, Courtesy Glassnode

“There has been a slight uptick in this metric over the last two weeks, however, it continues to trade around the pre-bull baseline of 50-days, suggesting LTH spending is modest, but not extreme.”

Meanwhile, analytics platform CryptoQuant CEO Ki Young Ju observed on Twitter that Bitcoin whales are moving to derivative exchanges.

On Ethereum side, the cryptocurrency had its highest daily close ever yesterday which coincided with new record highs in futures open interest, as per Delphi Digital. 

Chart Showing Movement of ETH Futures, Courtesy Delphi Digital

“Binance and FTX still lead the way as the largest two exchanges, currently making up ~41% of ETH open interest,” noted Delphi Digital. 

Read Next: Not Enough Volatility? Valkyrie Files For Leveraged Bitcoin ETF

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