Crypto crash pushes Cardano further down the ranks and Shiba Inu gains on Dogecoin

• The global crypto market has crashed by over 6% in the last 24 hours, with Bitcoin dipping below $60,000 and Ethereum’s price falling from $4,000.
• Cardano is now trading below its critical support level of $2 and has dipped further down in the rankings, currently coming in fifth.
• Dogecoin also has slipped to the 10th spot, with Shiba Inu preserving through the crash and holding its own on Doge’s heels.

Bitcoin, Ethereum, Cardano, and all the major cryptocurrencies are facing a massive market correction right now. The global crypto market has dipped by 6.62% in the last 24 hours. More than half of that happened within a 15-minute time span.

The marketwide crash was reportedly brought on by long-term investors booking their profits after the rally seen in the crypto market last week — something that typically happens after Bitcoin, the largest cryptocurrency in the market, hits an all-time high.

Not only did Bitcoin cross $67,000 last week, but others like Ethereum, Cardano and Solana also rose on its coat tails. However, after the surge of liquidation, all of these cryptocurrencies are trading below their respective critical support levels — Bitcoin below $60,000, Ethereum below $4,000, and Cardano under $2.

Crypto market nose-dive shuffles the rankings

Cardano, which lost its throne as the third-largest cryptocurrency in the market last month, has slipped even further to the fifth spot. Tether and Binance Coin both have a larger market cap than the coin founded by Charles Hoskinson as an alternative to Ethereum.

Meanwhile, Dogecoin, saw a jump this weekend after tech billionaire Elon Musk called it the ‘people’s cryptocurrency’ and also clarified that he doesn’t hold any Shiba Inu, unlike what was being speculated in the market since the beginning of the month — when Musk brought home a new pet dog, Floki.

Top cryptocurrencies in the world by market value after crypto dip on October 27:
Source:CoinMarketCap

The gap between Shiba Inu and Dogecoin narrows

The only cryptocurrency with a market cap above $20 billion still in the green is Shiba Inu. That being said, the SHIB token gains for the day are now considerably lower than they were this morning when it hit an all-time high of $0.000059. The meme coin has doubled in price since last week and is currently bucking the current market trend at a price of $0.000054 — still 26% higher than 24 hours ago.

With its primary contender, Dogecoin, being down by 12.49% since yesterday, the gap in market cap between the two is now less than $9 billion. Shiba Inu is hot on Dogecoin’s heels as the 11th biggest cryptocurrency in the market.

SEE ALSO:
Jack Dorsey isn’t the only billionaire predicting hyperinflation and betting on cryptocurrency to fight off higher prices

Ethereum may offer the best returns, but investors have been pulling away over the last two weeks