Bitcoin Calms at $24K, Dogecoin Soars 8% (Market Watch)

Following the recent local peaks and enhanced volatility, bitcoin has calmed and stands around $24,000.

Most altcoins are also untypically stagnant today, with a few exceptions, one of which is Dogecoin. Thus, DOGE has continued the recent rise of the dog-themed memecoins.

Bitcoin Stalls at $24K

The past several days were quite volatile for the primary cryptocurrency. Even the weekend, which typically tends to calm the asset, saw several price fluctuations.

The first saw BTC surging to $25,000 for the first time in over two months. It failed to breach it initially, but the bulls returned to the scene rather immediately and pushed it north once more in the following hours.

This resulted in a price jump to $25,200 – the highest price tag bitcoin had seen since mid-June. However, it couldn’t keep climbing and started retracing hard. In just a matter of minutes, BTC lost over $1,000 of value and dumped below $24,000.

Since then, the asset has traded primarily around that level. Its market cap has defended the $450 billion level, and its dominance over the alts has remained just over 40%.

BTCUSD. Source: TradingView

Dogecoin Leads the Way

The alternative coins went through similar price fluctuations during the weekend and on Monday but sit calmly now.

Ethereum skyrocketed to a 74-day high of its own above $2,050, perhaps fueled by the hype surrounding the upcoming Merge. However, the second-largest crypto has declined by almost $200 since then and now trades below $1,900.

On a daily scale, BNB, Ripple, Cardano, Polkadot, Avalanche, and Shiba Inu have all marked insignificant gains.

Dogecoin, though, is up by 8% in a day. As a result, the first-ever memecoin has jumped above $0.08.

Monero has gained the most from the lower- and mid-cap alts after the recent hard fork. XMR has added 5% of value and now sits north of $170.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

A new report shed some more light on Solana and, more specifically, whether the popular blockchain project is truly decentralized.

Do Kwon admitted that the recent Terra collapse could have been triggered by an insider.

Binance continues with its regulatory expansion by securing a license to operate in Kazahkstan.

After months of speculation, Novogratz’s Galaxy Digital halted the deal to acquire BitGo.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Reply