23 April, 2024



Crypto Downturn: Bitcoin Plummets Below $68K, Altcoins Follow Suit

15 Mar, 2024

15 Mar, 2024

  • Santiment reports Bitcoin falls below $68K, affecting altcoins, while Solana and dogwifhat see gains amidst market uncertainty.
  • Spot On Chain notes a 80.6% drop in Bitcoin ETF net inflow, yet cumulative interest remains high at $11.96B after 44 days.
  • Amidst crypto downturn, investors ponder buying the dip or panic selling, with Solana’s rise indicating mixed market sentiments.

The crypto market has seen significant downturns, as reported in an X post by Santiment, a behavioural analytics firm. Bitcoin fell below $68K, a first since March 8, impacting altcoins severely. However, Solana and dogwifhat emerged as exceptions, sparking discussions on whether to buy the dip or panic sell. Historically, such fear, uncertainty, and doubt (FUD) often lead to a quick market recovery.

Moreover, BTC’s market value at the time of this publication was at $67,918.61, marking a 7.63% decrease over the last day. Consequently, the market sentiment has shifted, with investors and traders weighing their next moves carefully. 

Besides, Solana has defied the general market downtrend, recording a 4.40% increase, with its price reaching $174.55. Though dogwifhat has seen a surge amidst Bitcoin’s dip, it has recently witnessed a 4% decline, with its price at $3.05. These anomalies in the market show diverse investor reactions amidst general market pessimism.

Additionally, Spot On Chain highlights fluctuations in Bitcoin ETFs. The net inflow on March 14, 2024, was +$133M, a significant 80.6% drop from the previous day. Despite this, the cumulative total net inflow after 44 trading days stands at $11.96B. Hence, while the net inflow has decreased, it remains positive, showing continued interest in Bitcoin investments. However, this is the lowest level of net inflow seen in the past eight trading days, indicating a cautious approach from investors.

The current market scenario presents a mixed bag of results. Significant assets like Bitcoin have faced downward pressures, impacting the broader altcoin market. However, certain cryptocurrencies like Solana and dogwifhat have bucked the trend, offering a glimmer of hope. 

Consequently, investors are now faced with the decision of buying the dip or engaging in panic selling, amidst prevailing market uncertainties. Significantly, the movement in Bitcoin ETFs suggests a watchful, albeit positive, investor sentiment towards the leading cryptocurrency.

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