Cryptocurrencies experienced significant declines on October 23, 2024, following a downturn in traditional markets. Bitcoin fell 2.3% to $66,000, while ether plummeted 5.3%, dropping beneath $2,490. The SOL/ETH trading pair reached a new all-time high, indicating strong performance for Solana compared to Ethereum. The ETH/BTC ratio dipped to its lowest since April 2021, signaling concerns over Ethereum's position in the market. Market sentiment is influenced by factors such as the success of spot bitcoin ETFs and the effects of the FTX collapse, which have reshaped investor perceptions. Crypto equities also suffered, with bitcoin miners like MARA Holdings and CleanSpark each dropping around 5%. The broader cryptocurrency market, represented by an index of the top 20 cryptocurrencies, fell by 2.6%, with Chainlink being the weakest performer, down 7.6%. Overall, the day reflected a market-wide selloff, raising questions about Bitcoin’s bullish momentum and Ethereum's future prospects.

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