Bitcoin (CRYPTO: BTC) is taking a breather Thursday night after charting all-time highs this week, with the global cryptocurrency market cap declining 7.98% to $2.43 trillion.
What Happened: The apex cryptocurrency fell 4.65% over 24 hours to $62,837.64. For the week, BTC has appreciated 9.95%.
Ethereum (CRYPTO: ETH) was down 1.91% at $4,114.33 over 24 hours. Over the last seven days, it has risen 9.01%.
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) was down 4% at $0.245 over 24 hours. Over the past seven days, it has gained 6.55%.
Top 24 hour gainers include ThorChain, The Graph, Nexo, and Solana, as per CoinMarketCap data.
ThorChain spiked 16.65% at $9.51, The Graph shot up 10.61% to $0.9611, Nexo rose 9.12% to $2.27, and Solana was up 7.42% at $200.37 in the period.
Notably, Solana traded 5.2% below the all-time high of $214.96 it touched last month.
See Also: How To Buy Solana (SOL)
Why It Matters: Bitcoin traded 6.28% lower than the all-time high of $66,930.39 it touched on Wednesday at press time.
Cryptocurrency markets remain in a bullish mood with the “Crypto Fear & Greed Index” by Alternative pointing to Greed at press time.
Michaël van de Poppe, an Amsterdam-based cryptocurrency trader, dismissed the idea that the current correction in the markets was the heralding of a bear market.
No, we’re not entering a bear market.
We’re at the start of a massive second run of this bull cycle.
— Michaël van de Poppe (@CryptoMichNL) October 21, 2021
Ethereum touched an all-time high of $4,366.09 on Thursday. At press time, it traded 5.7% below that high.
Meanwhile, traders that opened leveraged longs in anticipation of an Ethereum breakout were squeezed on Thursday, as per Delphi Digital, an independent research firm.
“Given price instantaneously recovered, this was an obvious shakeout orchestrated to wipe out over-leveraged apes.”
“As we enter the next phase of the crypto bull market, consider this a lesson: keep your leverage in check and don’t try to get ahead of the market,” wrote Delphi Digital in an emailed note.
The exuberance around Bitcoin futures ETFs is likely to continue with Valkyrie Investments’ offering set to hit Nasdaq on Friday. The fund will trade under the ticker “BTF” despite earlier plans to trade under the more meme-centric “BTFD” ticker, reported Coindesk.
Prospective Ethereum Futures ETFs are also exciting the market and analysts alike.
Delphi Digital noted that there is a “strong demand” for the recently launched ProShares Bitcoin ETF (NYSE:BITO) and that begs the question, “If a futures ETF is doing this well upon inception, what kind of a welcome would a proper spot ETF receive?”