Top cryptos in the red; Bitcoin, Dogecoin, Shiba Inu fall up to 8%


Top cryptocurrencies on Monday traded in the red, including Bitcoin, Ethereum, Cardano, Dogecoin and Shiba Inu, down up to 8%.

Ethereum was down by over a per cent, and traded at $1589. That said, it has logged around 18% gains over the last seven days.

The historical trend depicts that October month is positive for crypto prices.

Dogecoin, which gained 105% over the 7-day period following Twitter’s acquisition by Elon Musk, was seen trading with a cut. Both Dogecoin and Shiba Inu traded over 8% lower.

The global crypto market cap was at $1.01 trillion, a 1.28% decrease over the last day. Also, the volume in the crypto market logged a decline of over 18% to $73.05 billion over the last 24 hours.

As the oldest and largest cryptocurrency Bitcoin remained above $20K, the downside in the market was capped. Bitcoin’s 5.6% gain since Sunday signals the biggest weekly gain in three months.

Now, the upcoming Fed meet outcome due on November 2, will be crucial for the crypto markets. While there are expectations of another 75 basis points or 0.75% rate hike, the trajectory of riskier assets including cryptocurrencies, shall be determined based on what Fed Chair Jerome Powell signals for the committee’s plans in the December meeting.

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