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Friday, October 22, 2021

Market Watch: Dogecoin (DOGE) Soars 20% As Bitcoin Trades Below $50,000

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Bitcoin’s struggles continue after yesterday’s massive slump as the asset has failed to decisively regain the $50,000 milestone. Most alternative coins had suffered even more, except for Dogecoin and Cardano. DOGE is up by 20%, while ADA marked yet another all-time high.

Bitcoin Struggles Below $50K

The primary cryptocurrency fell hard yesterday, as reported. While the situation seemed somewhat favorable and BTC was actually nearing $60,000, Elon Musk tweeted that Tesla will stop receiving bitcoin payments for their products due to environmental concerns.

As it typically happens when Musk interacts with the crypto space, volatility struck immediately: BTC’s price started to freefall. In less than 24 hours, the cryptocurrency went from a high above $58,000 to a new two-month low at $45,700, according to Bitstamp.

Despite bouncing off initially and jumping above $51,000, the bears resumed the pressure and drove BTC south again. As of writing these lines, bitcoin still trades well below the $50,000 mark.

But there is some good fundamental news: the crash and short-term concerns though, the network is more robust than ever. CryptoPotato reported that the hash rate and the mining difficulty both went for new ATH records.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood in the Streets: DOGE and ADA in Green

The alternative coins also followed their leader south yesterday, and most have continued. Ethereum dumped by $700 at one point, recovered some ground to above $4,000, but another 4.5% decline has driven it below that particular level once more.

Binance Coin (BNB) has also felt the negative consequences of the market crash. Another 6% drop has driven BNB to $585 – roughly $100 away from the latest all-time high marked just a few days ago.

Ripple, Bitcoin Cash, Litecoin, Uniswap, and Chainlink are also in the red from the larger-cap altcoins.

In contrast to the aforementioned market developments, there’s Cardano. ADA spiked to yet another record yesterday. Although it failed to overcome $2 and has retraced slightly, the asset is still 10% up on a 24-hour scale.

DOGE has also gained a substantial chunk of value after Musk said on Twitter he’s working with Dogecoin developers to “improve system transaction efficiency.” As a result, the meme coin spiked by about 20% and is back above $0.5.

Additionally, Coinbase also revealed plans to list the Shiba Inu-inspired token.

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


Somewhat expectedly, more fluctuations are evident from lower- and mid-cap altcoins. On the one hand, Hedera Hashgraph (37%), Arweave (25%), and Bitcoin Diamon (15%) have jumped the most. On the other, Revain (-15%), Aave (-14%), Curve DAO Token (-12%), LEO (-11%), Telcoin (-10%), and SUSHI (-10%) have lost the most.

The cumulative market capitalization remains around $300B away from the peak reached precisely two days ago.


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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.

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