El Salvador purchases bitcoin on the cheap as Shiba Inu soars to the top ten cryptocurrencies Bitcoin ticked higher on Thursday morning, hovering above the critical $60,000 ($43,369) level, as El Salvador's president announced on Twitter that the country had purchased bitcoin on the dip Meanwhile, Shiba Inu's market capitalisation briefly surpassed that of rival meme token dogecoin (DOGE), putting it among the world's top ten cryptocurrencies in terms of market capitalisation
Bitcoin (BTC) was trading at $60,530, up 25 percent from the previous day's close Shiba Inu (SHIB) jumped 20% to $0000065 At the time of press, this value placed the company's market capitalisation at approximately $38
5 billion Bitcoin reached a new all-time high of nearly $67,000 last week, boosted by the debut of the world's first bitcoin exchange traded fund (ETF) However, earlier this week, its value plummeted According to analysts contacted by Yahoo Finance UK, a 5% to 10% correction is "quite normal" after prices have already increased by more than 55% in a month One investor who was unfazed by the price collapse was El Salvador's President, Nayib Bukele, who made bitcoin legal tender in his country last month, despite widespread citizen protests
He tweeted that he had purchased 420 bitcoins, a number associated with marijuana culture This brings the total amount held by the country to 1120 bitcoin He was already boasting about the returns on his investment shortly after the announcement "Despite over $11 million in losses, Bitcoin's rise to a new all-time high has put El Salvador's wallet in the black with about $5 million in profits, despite Bitcoin's recent plunge below $60K," Crypto Potato explained Naeem Aslam, AvaTrade's chief market analyst, believes that "any decline in prices should be viewed as an opportunity to acquire some digital coins at bargain prices
" "Buying the dip has historically been the primary objective of most day traders and long-term investors in the financial markets because it provides a unique window for averaging your purchasing costs, effectively maximising the notional gain on the investment," said Kunal Sawhney, CEO of Kalkine Group "In terms of accumulating bitcoins, interest has skyrocketed since the launch of the bitcoin ETF, and a significant correction as a result of any regulatory or market tightening encourages stakeholders to add more With institutional investors' and governments' interest gradually increasing, the crypto-asset is likely to remain in a phase of setting and breaking new record highs in the short term" Additionally, he stated that Shiba Inu's overtaking dogecoin "clearly demonstrates the investors' bifurcated inclination towards various crypto-assets formulated on distinct mechanisms" "It is expected that emerging cryptocurrencies will see such actions as the underlying systems improve over time, allowing for broader investor participation," he said
"Regardless of the influx of new digital currencies, bitcoin is likely to lead the pack in terms of accumulating so-called vibrant cryptos" We hope you enjoyed watching and listening to this video, Please let us know your opinion in the comments area below If you found our content useful, please like it and share it with your friends Also don't forget to subscribe to our channel and hit the notification bell for more crypto related contents
