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

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

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

After recent local spikes and increased volatility, bitcoin has calmed down and hovers around $24,000.

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

Bitcoin stops at $24K

The past few days have been quite volatile for the main cryptocurrency. Even the weekend, which normally tends to calm the asset down, saw several price fluctuations.

The former saw BTC rally to $25,000 for the first time in over two months. Initially, it failed to break it, but the bulls returned to the scene immediately and pushed it north once more in the following hours.

This resulted in a price jump to $25,200, the highest price Bitcoin had seen since mid-June. However, he was unable to continue climbing and began to push back hard. In a matter of minutes, BTC lost over $1,000 in value and fell below $24,000.

Since then, the asset has mostly traded around that level. Its market capitalization has defended the $450 billion level, and its dominance over alternatives has remained at just over 40%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Dogecoin leads the way

Altcoins saw similar price fluctuations over the weekend and Monday, but are quiet now.

Ethereum soared to a 74-day high above $2,050, perhaps fueled by the hype surrounding the upcoming merger. However, the second largest crypto has dropped by nearly $200 since then and is now trading below $1,900.

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

Dogecoin, however, is up 8% in one day. As a result, the first meme coin has broken above $0.08.

Monero has benefited the most from small and mid-cap alternatives after the recent hard fork. XMR has added 5% to the value and is now north of $170.

Overview of the cryptocurrency market.  Source: quantify crypto
Overview of the cryptocurrency market. Source: quantify crypto

Industry News

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Binance continues its regulatory expansion by obtaining a license to operate in Kazakhstan.

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

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Cryptocurrency charts from TradingView.

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