Bitcoin’s slide from record highs is a warning for crypto investors

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.
Despite more than 13,000 cryptocurrencies listed on CoinMarketCap — ranging from dogecoin and shiba inu to more obscure tokens with even goofier names, such as Elon’s Marvin, Dogelon Mars, Baby Floki Billionaire and Kitty Inu…(because cat lovers own crypto too) — bitcoin remains the dominant digital currency.

Source: https://edition.cnn.com/2021/10/27/investing/bitcoin-prices/index.html