DOGE Sees 10% Daily Surge While BTC and Altcoins Experience a Downturn
Bitcoin’s price took a significant hit, dropping by over $2,000 in a single day after failing to break through the $38,000 level once again.
Most altcoins are also in the red, with Ethereum losing the $2,000 level despite BlackRock’s ETF filing and Solana experiencing double-digit losses.
The price of Bitcoin remained relatively stable around $37,000 over the weekend and on Monday. However, the market became much more volatile from there. Bears took control and pushed the price of Bitcoin down to a weekly low of $35,000.
Bitcoin quickly recovered from this decline, surging to $38,000 for the second time within a week. However, just like the previous attempt, this one was unsuccessful, resulting in a drop of over $2,000 in the following 24 hours and a slip below $36,000.
Although Bitcoin has recovered some ground, it is still down nearly 3% for the day. Its market capitalization has dropped to under $710 billion, while its dominance over altcoins remains at 51% on CoinMarketCap.
Altcoins in the Red, Except for DOGE
While most alternative coins reached local peaks yesterday, the situation is different today. One of the biggest news on Thursday was BlackRock’s filing for a spot Ethereum ETF with the SEC. However, Ethereum’s price has declined by approximately $100 since then.
Other altcoins such as Binance Coin, Ripple, Polkadot, Litecoin, Toncoin, and Uniswap have all experienced similar percentage drops.
MATIC, AVAX, LINK, ADA, and SOL have all seen daily declines, with Solana experiencing a slump of over 10%.
Dogecoin is the only large-cap altcoin that is seeing gains. DOGE has surged by 10% and is trading above $0.085.
The total crypto market cap has erased almost all of yesterday’s gains and is back to just under $1.4 trillion on CoinMarketCap.
Cryptocurrency charts by TradingView.