BTC - Why Ethereum Shiba Inu and Dogecoin Are Taking a Breather Today
The crypto market has taken a breather after a nice rally this year, with the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC) , falling back to roughly $22,500 after briefly topping $23,000 earlier this week.
Since late afternoon yesterday, the price of the second-largest cryptocurrency, Ethereum (CRYPTO: ETH) , traded roughly 4.5% lower as of 10:56 a.m. ET today. Meanwhile, the price of the large meme tokens Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) traded roughly 5.6% and 5.3% lower, respectively.
There's a lot going on in crypto these days, but I think the movement of the market is mainly impacted by two things: macroeconomic factors, and the fallout of FTX and the subsequent crisis of confidence it has caused in the industry.
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Why Ethereum, Shiba Inu, and Dogecoin Are Taking a Breather Today