Bitcoin prices fell below $62,000 today in the cryptocurrency market. By market capitalization, the world’s largest cryptocurrency was down over 1% to $61,946. After achieving a record high of near $67,000 in October, the most popular digital coin is up 114 percent this year (year-to-date).
Ether, the second-largest cryptocurrency and the unit tied to the Ethereum blockchain, declined about 1% to $4,531, while dogecoin fell over 3% to $0.26. Other digital tokens, such as XRP, Cardano, Uniswap, Litecoin, and Polkadot, have had price drops in the recent 24 hours.
Shiba Inu, meanwhile, fell nearly 23% to $0.000046, slipping behind dogecoin in terms of market cap after recently surpassing it. Solana, Binance Coin, and Tether, on the other hand, saw minor gains.
Since October, several blockchain tokens, including bitcoin and ether, have risen due to a steady stream of news on cryptocurrency adoption by banks, the growth of nonfungible tokens on virtual gaming platforms, the launch of bitcoin futures-based U.S. ETFs, and a need among investors for diversification in an uncertain interest rate environment.
According to digital asset management CoinShares, inflows into crypto funds fell by more than 80% to $288 million last week as bitcoin futures exchange-traded funds (ETFs) saw little action. Inflows into Bitcoin ETFs slowed in the week ending October 29th, with only $53 million coming from US investors.
Bitcoin has more than doubled in value in the last year, hitting a new high above $67,000 last month on the back of expectations for the launch of Bitcoin futures-backed exchange-traded funds in the United States, as well as decreasing concerns over issues such as China’s crackdown on digital assets.
