The majority of large cap cryptocurrencies experienced a minor correction on Monday after a strong rally. CoinMarketCap data shows that only Bitcoin (BTC), Solana (SOL) and Dogecoin (DOGE) are going strong out of the eight top crypto assets that are not stablecoins.
Meanwhile, Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), XRP and Polkadot (DOT) are all slightly lower today than they were yesterday. However, most large cap crypto assets have had positive growth for the past week.
The small correction happens upon news that China is strengthening its regulation towards the crypto industry on Saturday. The National Development and Reform Commission (NDRC) has blacklisted Bitcoin and crypto mining activities as an industry that must be stopped.
China enforces such policy in order to achieve carbon neutrality by 2060. Bitcoin and crypto mining is seen as an industry that consumes too much energy. This regulation limits Chinese citizen's access towards the crypto markets.
This action has resulted in the United States becoming the leader of the crypto mining industry. According to Cambridge Bitcoin Electricity Consumption Index (CBECI), the US has 35,4% of global hash rate power, followed by Kazakhstan and Russia.
SHIB Leading the Pack
Despite strong regulations by the Chinese government, Bitcoin remains in a bullish trend. In the last few days, Bitcoin reached a new all-time high around $66.000. At the same time, the popular meme coin, Shiba Inu (SHIB) experienced a strong rally.
Recently, SHIB has went up 12% to US$0.000039 per coin. Within the last week, this crypto with a Shiba Inu dog as its logo has increased by 41%. It happens on the news that the popular retail trading platform Robinhood will begin SHIB trading.
SHIB became popular when Vitalik Buterin, the founder of Ethereum, received 50 trillion SHIB and donated it to the India COVID-19 relief during the second wave of the virus in May this year.
Since then, the top crypto exchange in US, Coinbase, has listed SHIB on their platform. SHIB then went up more than 40% and attracted the attention of many retail investors.
Trade the Top Cryptos on BigoMex
BTC, SOL, DOGE and other top crypto assets are available to trade on BigoMex. BigoMex is a crypto contracts trading platform from Singapore that is licensed by FinCEN US and ACRA.
On BigoMex, you can open long or short positions using contracts trading, buy from spot trading, and also do options trading. Currently, BTC, SOL, DOGE are available for both contracts trading and options trading.
The minimum margin to begin on BigoMex is only 2 USDT. It means beginner traders can buy or sell these top crypto assets with a small amount of money and start to build their portfolio. There are also many bonuses for new traders, including BGM tokens to help minimize losses and fees.
