Only a week ago, Bitcoin hit an all-time high of nearly $67,000. But investors have been dumping the world's most valuable cryptocurrency in favor of the new kid -- or rather, new dog -- in town: shiba inu.
The price of one bitcoin fell more than 5% Wednesday and was trading around $59,000, 12% below last week's record levels. For any other asset, like a stock or bond, a drop that steep in such a short time would be considered a market correction. For bitcoin, it's just business as usual. Crypto investors have come to accept that bitcoin is volatile.
The new found popularity of bitcoin ETFs, which track bitcoin futures and do not give individual investors ownership of actual bitcoins, should push the price of bitcoin even higher over the long haul. Crypto 101Some crypto experts argue that bitcoin prices could hit $100,000 by the end of this year or in early 2022. In addition to more average investors buying bitcoin ETFs, several top institutional investors, such as Paul Tudor Jones and George Soros, have been buying bitcoin, too.
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