Bitcoin Stays Below $60K, Ethereum Marks Key Milestone, Dogecoin and Shiba Inu Trade In The Red As Analysts Warn Crypto Market Not Yet Out Of Woods

Bitcoin BTC/USD traded below the psychologically important $60,000 level on Wednesday night as the global cryptocurrency market capitalization decreased 0.75% at $2.62 trillion.

What Happened: The apex coin traded 0.53% lower over 24 hours at $57,113.46. For the week, BTC fell 0.98%.

The second-largest coin by market cap, Ethereum ETH/USD, fell 2.46% over 24 hours to $4,758.42. Over a seven-day period, it has risen 6.22%.

Dogecoin DOGE/USD fell 3.78% to $0.21 over 24 hours. Over a period of last seven days, it has fallen 4.2%.

Rival Shiba Inu declined 11.15% over 24 hours to $0.0000427. For the week, it has gained 10.07%.

The three top 24-hour gainers, as per CoinMarketCap data, were Polygon, Elrond, and Solana. 

Polygon shot up 16.85% to $2.13, Elrond gained 9.96% to $411.23, and Solana appreciated 8.53% to $228.11.

See Also: How To Buy Polygon (MATIC)

Why It Matters: Amsterdam-based cryptocurrency trader Michaël van de Poppe said Wednesday that he remained “cautious/bearish” below BTC’s $60,000 levels. As for Altcoins, he said the month to buy them was December.

Earlier in the week, pseudonymous analyst Kaleo had noted that the cryptocurrency market reacted to non-transitoy nature of the current bout of inflation as “new news.” As per Kaleo, the dip in cryptocurrency prices will not last long. 

Craig Erlam, a senior analyst with OANDA said that Bitcoin “remains vulnerable to the continual shifts in sentiment as information slowly [on the Omicron variant of COVID-19] appears.”

“We seem to be jumping from good news to bad news and back again on a daily basis which perhaps doesn't bode well for Thursday,” said Erlam in an emailed note.

Meanwhile, In an acknowledgment to the block in blockchain,  Square Inc SQ headed by Bitcoin bull Jack Dorsey announced Wednesday that the company was changing its name to Block Inc, while its cryptocurrency arm will be called Spiral.As per the company’s Q3 earnings, Square’s Cash App generated $1.82 billion of BTC revenue.

Ethereum’s proof-of-stake Beacon chain turned one year old today. The chain has achieved some important milestones like scoring 263,000 validators. 8.4 million ETH worth $40 billion has now been staked in the Eth2 deposit contract, as per a tweet by Terence Tsao of Prysmatic Labs, a company that builds technical infrastructure for Ethereum blockchain.

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