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Saturday, May 18, 2024

Bitcoin Wobbly at $70K, Dogecoin’s Rise Above $0.2 Continues (Market Watch)

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Bitcoin went as high as $71,700 yesterday but failed to overcome the $72,000 level and has returned to around $70,000 as of now.

Most altcoins are also quieter today, with red dominating almost all charts. DOGE and BNB, though, are well in the green.

BTC Retraces to $70K

The past five days or so went a lot better than the previous week when Bitcoin slumped hard by over ten grand to a low of under $61,000. It recovered some of the losses last weekend and went on the offensive on Monday and Tuesday.

Wednesday saw another leg up that resulted in BTC jumping to a 15-day high of $71,700. However, the bears intercepted the move and pushed the cryptocurrency south hard. In a matter of hours, the asset fell by over three grand to just over $68,000.

Nevertheless, it quickly started recovering the lost ground and spiked to $71,500 once again yesterday. The scenario repeated, though, and Bitcoin couldn’t go any further. The rejection has been less violent, at least for now, and BTC currently trades at around $70,000. It’s worth noting that there are signs of upcoming volatility today and during the weekend.

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Its market capitalization has slipped to $1.375 trillion on CoinGecko, and its dominance over the altcoins has retraced slightly to 49.7%.

BTCUSD. Source: TradingView

DOGE Keeps Rolling

The largest meme coin went on a massive roll yesterday as it surpassed $0.2 and reached $0.23 intraday for the first time in over three years. Despite retracing slightly since then, DOGE is still 5% up on a 24-hour scale and sits north of $0.21.

Bitcoin Cash was the other notable gainer yesterday. Just a few days ahead of its second halving, BCH is up by 3% again today and trades above $580. Binance Coin is also in the green from the larger-cap alts.

In contrast, ETH, SOL, XRP, ADA, AVAX, TON, SHIB, DOT, and LINK have all retraced by somewhere between 1% and 3%.

The total crypto market cap has retraced by about $30 billion and is down to $2.770 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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