El Salvador purchases bitcoin on the cheap as Shiba Inu soars to the top ten cryptocurrencies

<p>Bitcoin ticked higher on Thursday morning, hovering above the critical $60,000 ($43,369) level, as El Salvador's president announced on Twitter that the country had purchased bitcoin on the dip.</p> <p>Meanwhile, Shiba Inu's market capitalisation briefly surpassed that of rival meme token dogecoin (DOGE), putting it among the world's top ten cryptocurrencies in terms of market capitalisation.</p> <p>Bitcoin (BTC) was trading at $60,530, up 2.5 percent from the previous day's close.</p> <p>Shiba Inu (SHIB) jumped 20% to $0.000065. At the time of press, this value placed the company's market capitalisation at approximately $38.5 billion.</p> <p>Bitcoin reached a new all-time high of nearly $67,000 last week, boosted by the debut of the world's first bitcoin exchange traded fund (ETF). However, earlier this week, its value plummeted.</p> <p>According to analysts contacted by Yahoo Finance UK, a 5% to 10% correction is "quite normal" after prices have already increased by more than 55% in a month.</p> <p>One investor who was unfazed by the price collapse was El Salvador's President, Nayib Bukele, who made bitcoin legal tender in his country last month, despite widespread citizen protests.</p> <p>He tweeted that he had purchased 420 bitcoins, a number associated with marijuana culture. This brings the total amount held by the country to 1120 bitcoin.</p> <p>He was already boasting about the returns on his investment shortly after the announcement.</p> <p>"Despite over $11 million in losses, Bitcoin's rise to a new all-time high has put El Salvador's wallet in the black with about $5 million in profits, despite Bitcoin's recent plunge below $60K," Crypto Potato explained.</p> <p>Naeem Aslam, AvaTrade's chief market analyst, believes that "any decline in prices should be viewed as an opportunity to acquire some digital coins at bargain prices."</p> <p>"Buying the dip has historically been the primary objective of most day traders and long-term investors in the financial markets because it provides a unique