Bitcoin falls, Shiba Inu extends advance as crypto leverage ratio increases

Most cryptocurrencies slump as estimated leverage ratio nears a year-high, an indication that crypto prices have peaked. Bitcoin (BTC-USD) falls under $60K compared with its all-time high of just under $67 reached last week. Ethereum (ETH-USD) drops to just under $4K, Binance Coin (BNB-USD) falls 6.6%, Cardano (ADA-USD) drops 8.3%, dogecoin (DOGE-USD) sinks 13%. “Estimated leverage ratio is about to hit a year-high. It seems obvious that the market is over-leveraged now,” Ki Young Ju, CEO of data analytics firm CryptoQuant tells CoinDesk. "We'll see some volatility with huge liquidations shortly." Shiba Inu (SHIB-USD), though, extends its climb, rising 16% over the past day. That also points to an overbought market. "Dog coins are mooning again, which has historically been a pretty good indication of an overheated market," according to a Delphi Digital note published on Oct. 25. Leverage ratio is calculated by dividing futures open interest spanning all exchanges by bitcoin