Solana (SOL) and Dogecoin (DOGE) Hit Weekly Lows as Bitcoin Slows

Over the past week, Bitcoin appears to have started a new bull run. The top cryptocurrency is up nearly 10% in 7 days and is heading for highs of $ 60,000, last seen in April.

However, the rate of increase appears to be slowing: Bitcoin has fallen 1% in the past 24 hours and is trading at $ 56,450 at press time.

BTC price 4-hour chart | Source: Tradingview

Some analysts commented that Bitcoin is doing very well as Exchange Traded Funds (ETFs) are expected to be approved shortly. The US Securities and Exchange Commission (SEC) was previously hesitant about accepting a Bitcoin ETF, but now industry experts say a futures-based product could get approved as early as next week.

For years, the crypto industry has been eagerly awaiting the SEC’s “nod” as it allows traditional investors to buy stocks that track the price of Bitcoin rather than holding the assets themselves.

After the positive movements, the Bitcoin price corrected yesterday to the daily low of USD 54,477 and also pulled key altcoins down.

The 10th largest digital asset in the market, DOGE did well last week but collapsed on October 12th. The price is back at its lowest level since October 4th at $ 0.216, down 7.42% in the last week to press time. The move is viewed as a major stunt for its progress over the past few days. The iconic meme coin is currently trading for $ 0.229.

DOGE 4-Hour Price Chart | Source: Tradingview

SOL, the seventh largest cryptocurrency, also had a tough day. In the past 7 days, the price has fallen more than 7%, hitting a low of $ 137 that day. However, the price is recovering and is currently trading around $ 151.

SOL has seen many breakthroughs this year, up 270% in 2 months, largely thanks to growing interest in decentralized funding applications that provide an alternative to borrowing, for loans that can be built on Solana. Users can also mint, trade NFTs through the Solana network and have generated quite a stir so far.

At that time last year, SOL was trading for $ 2.58. As a result, the altcoin was up 5.791% at the time of going to press.

SOL 4 Hour Price Chart | Source: Tradingview

Another coin that is also slowing down is SHIB after a massive spike just 5 days ago (+ 385% in 7 days). SHIB was launched last year as a “Dogecoin Killer” and is currently the 17th largest cryptocurrency by market. The price has suddenly fallen 5% in the past 24 hours and is currently trading at $ 0.00002923.

SHIB 4-Hour Price Chart | Source: Tradingview

Like DOGE, people are jumping on the SHIB train as the price skyrocketed thanks to social media comments. In addition, the SHIB was also minted in a “ridiculous” amount: 1 million billion in circulation. It seems that investors are trying to replicate the benefits gained from the rise of DOGE and other mem-coins.

It’s not clear what suddenly caused the price to drop, although corrections like these often occur after rallies. Dan Moderhead, CEO of Pantera Capital, said this week that “after a period of temporary madness” the market is recovering. Even so, he warned that the launch of the long-awaited Bitcoin ETF could turn things upside down.

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