Bitcoin Dip Excites Investors, Trader Sees Ethereum Headed To $10K, Dogecoin and Shiba Inu Struggle

November 21, 2021 9:10 pm
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Bitcoin Dip Excites Investors, Trader Sees Ethereum Headed To $10K, Dogecoin and Shiba Inu Struggle

Bitcoin (CRYPTO: BTC) traded below the $60,000 mark Sunday night as the global cryptocurrency market cap fell 1.69% to $2.6 trillion at press time.

What Happened: The apex cryptocurrency dropped 2.28% to $58,148.79 over 24 hours. For the week, BTC has fallen 11.95%.

Ethereum (CRYPTO: ETH) fell 3.97% to $4,224.85 over 24 hours. Over a seven-day trailing period, it has shrunk 9.74%.

Dogecoin (CRYPTO: DOGE) was down 3.21% at $0.22. For the week, it has lost 15.22% of its value.

Rival meme coin Shiba Inu traded 6.75% lower at $0.00004369 over 24 hours. It has plunged 17.64% over the last seven days.

The top gainers over 24 hours at press time were Oasis Network, Crypto.com Coin, and ZCash, according to CoinMarketCap data.

Oasis Network shot up 48.98% to $0.4291, Crypto.com Coin gained 27.47% to $0.722, and ZCash was up 26.23% to $224.84. 

Oasis Network and Crypto.com Coin touched their respective all-time highs of $0.4638 and $0.7984 respectively on Sunday.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: President Joe Biden is expected to reveal his choice for the Federal Reserve Chair before Tuesday evening, reported the Wall Street Journal.

Media reports anticipate the president will pick between the current Chair Jerome Powell or the U.S. central bank Governor Lael Brainard.

The appointment of either is not expected to have much impact on cryptocurrency, as per analysts.

“Both are mainstream Fed institutionalists who would want a strong role for regulators in overseeing crypto and making sure it doesn’t cause financial-stability risks,” said Ian Katz, managing director of consulting firm Capital Alpha Partners, reported CoinDesk.

Inflation is expected to be in the spotlight in the upcoming Thanksgiving week, analysts are expected to watch out for its impact on holiday shopping and shoppers. 

Bitcoin is seen as a hedge against inflation, but a consequential rise in interest rates may affect speculative assets like cryptocurrency.

The fall in Bitcoin prices below is not deterring those interested in purchased dips, as per Craig Erlam, senior market analyst at Oanda.

“I'm sure there's plenty of bitcoin speculators rubbing their hands together at the prospect of catching some dips, such is the confidence out there in the space at the minute. How far it will fall is anyone's guess,” wrote Erlam in an emailed note.

“A move back towards $50,000 would be interesting and, given its gains since the summer, no big deal. The dips will continue to attract plenty of interest.”

There is plenty of enthusiasm for higher prices on the Ethereum side as well. Over the weekend, cryptocurrency investor Lark Davis tweeted that ETH supply on exchanges keeps falling and he expects $10,000 to be hit a “lot quicker than most people expect!!”

Read Next: El Salvador To Build First Bitcoin City, Use $500M Of Planned $1B Bond

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