Daily Crypto Update: Market Enters Correction; Traders Remain Greedy

The crypto market has entered a correction phase, with top coins losing value. Bitcoin has lost its position above the 69k-dollar mark, while Ethereum has dropped below $2,700.

The Fear & Greed Index still shows Greed among traders. According to Cointree, the metric is at 70, despite cryptos fluctuating. TRON remained the outlier on Monday, with most top-ranked cryptos dropping in value.

MEW and Aptos were among the few emerging tokens that gained value in the past 24 hours. Here is an overview of the crypto market with the latest developments.

Bitcoin

The market leader lost steam after a week of bullish sentiment and lost the 69k-dollar mark. BTC found some footing around the 67,500-dollar mark, currently trading at 67,679 dollars.

The crypto lost 1.88% value in 24 hours, but its seven-day performance still shows a 3.68% surge. Despite the price drop, Bitcoin Spot ETFs grossed 298 million dollars in net inflows on Monday. 

IBIT investors from BlackRock also invested 329 million dollars into BTC ETFs to leverage the dip. Bitcoin must cross the resistance level of 68,241 dollars to break free of the bearish sentiment.

Ethereum

Ethereum one-upped Bitcoin and lost 3% value in the past 24 hours. The coin dropped from its 2,700-dollar mark to 2,651 dollars.

Its weekly performance also dipped to a surge of 2.03%. Experts predict Ethereum prediction to take over in Q4 along with other top cryptos. ETH must test the resistance level at 2,704 dollars to meet these expectations.

On the other hand, it must stay above the 2,646 dollar support level to keep traders invested.

Dogecoin

DOGE’s bullish spree halted on October 21. The original meme token lost 2.04% value in 24 hours but maintained its 0.14-dollar stance.

The token is trading at 0.1462 dollars with a weekly growth of 26%. This explains why the token’s 24-hour trading volume increased by 7% despite the recent market dip. The coin is outperforming several emerging meme tokens, establishing its dominance. 

TRON

TRX remained the only crypto within the top 10 to gain value in 24 hours. On October 21, the coin surged 2.07% to trade around the 0.16 dollar mark.

With a weekly surge of 0.29%, its current value is 0.1592 dollars. Its 24-hour trading volume has also increased by 46% in the last 24 hours. Traders are showing trust in TRON amidst the lingering bearish sentiment.

cat in a dogs world

MEW, or cat in a dogs world, surprised the market with a 5.59% surge in 24 hours. The crypto is eyeing the 0.010-dollar mark and is trading at 0.009126 dollars right now.

The meme coin has gained 4.38% value in the past week. Ranking 85th among the top cryptos, its 24-hour trading volume is reaching unprecedented levels. The coin witnessed a whopping 290.44% surge in 24-hour trading volume on Monday.

It is among the top meme coins, poised for explosive growth in the coming weeks.