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Popular Cryptocurrency Plunges Below $59,000 | Price Crash Also Affects Solana, Cardana, and MORE

The top cryptocurrency in the world has hit a significant drop on Wednesday morning, Oct. 27, in a matter of minutes. Again, Bitcoin’s price crashed to below $59,000 just a few days after reaching an all-time high of nearly $67,000.

With the plunge of BTC in the crypto market, many digital coins such as Cardana, Ethereum, Solana, and more have also plummeted.

Crypto Analysts Believes of Bitcoin’s Systemic Risk

(Photo : Thought Catalog from Unsplash)

Bitcoin has experienced another dip in the past 24 hours.

Since last year, Bitcoin has been inconsistent on the crypto ladder. It managed to surpass the $60,000 mark. However, the recent track of the largest cryptocurrency showed how it quickly fell off after 24 hours.

According to a recent report by Forbes, many coin analysts warned the investors about the systemic risk posed on Bitcoin.

Based on the National Bureau of Economic Research analysts, the findings discovered that bitcoin has been garnering a lot of public attention over the previous years.

This conclusion pointed out that the bitcoin ecosystem is still favorable to the industry’s big players, including the whale miners and holders.

“This inherent concentration makes bitcoin susceptible to systemic risk and also implies that the majority of the gains from further adoption are likely to fall disproportionately to a small set of participants,” the researchers wrote.

Furthermore, they added that the end of 2020 showed that 10,000 Bitcoin holders were responsible for the circulation of 18.6 million coins in the market.

In addition, the concentration also tackles the participation of the crypto miners who heavily exploit the blockchain for the minted coins.

90% of the capacity in bitcoin mining covers the top 10% of miners, while the rest of the miners accounted for the remaining 0.1%.

Bitcoin Crashes Together With Other Cryptocurrencies

From another report by The Independent, the surprise dip of BTC in the ecosystem has paved the way for the crash of other popular cryptos. 

An investor on Twitter suggested others purchase during the dip. Another user wrote the same recommendation.

Bitcoin’s price has met another untimely decrease, but this opportunity has also impacted some top cryptos such as Solana (SOL), Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Binance Coin to hit a drop of around 5 to 15%.

Read Also: Top 5 Best Cryptocurrency Exchanges in 2021 | Here’s Why You Should Choose Them

Best Cryptos to Purchase in October 2021

Despite the fluctuations in the price of virtual currencies in the crypto market, there are good options that you need to explore in the market. 

Last time, we reported about the top cryptocurrencies that you can buy for this month. We included ETH, BTC, SOL, and ADA in the list. We have chosen these coins because of their capability to bounce back from a tough loss that happened recently.

Aside from these aforementioned coins, we have added Axie Infinity Shards of AXS. Blockchain games are currently dominating the blockchain space. There’s a good reason why you should invest in NFT games such as “Axie Infinity” and “Crypto Kitties.”

Last Wednesday, Oct.20, the price increase of Bitcoin has sparked controversy among investors following Twitter CEO Jack Dorsey’s cryptic tweet. The social media co-founder has posted “705742” which triggered curiosity in the fans.

Related Article: Crypto Watch: Shiba Inu Gains 50 Percent Surge, Still Under Dogecoin’s Valuation

This article is owned by Tech Times

Written by Joseph Henry 

ⓒ 2021 All rights reserved. Do not reproduce without permission.

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