Follow us @crypto for our full coverage.
Fans are propelling Dogecoin higher to mark a promising day, even as other cryptocurrencies continue to struggle.
The Shiba Inu-themed satirical token is up about 17% in the last 24 hours, according to data from CoinGecko.com as of 11am in Hong Kong, as industry leaders extend losses. Bitcoin plummeted 3.4% to around $ 54,287 for a fifth straight session of declines, and after the biggest intraday drop in nearly two months over the weekend. The second largest cryptocurrency, Ether, fell 5.1% to $ 2,097 on Tuesday.
“There is a tribe of investors, many of them millennials, who see it as a cause, a movement,” said Antoni Trenchev, the co-founder of crypto lender Nexo. “Dogecoin is symptomatic of the zeitgeist that is happening before our very eyes.”
These latest volatility fuels are talking about a crypto asset bubble and having their overall dent Market capitalizationNonetheless, the total remains close to the record $ 2 trillion threshold crossed two weeks ago. Crypto’s champions are part of an iconoclastic trend, including the WallStreetBets retailers, who are challenging investment standards. Dogecoin’s sprint is propelled by the #DogeDay hashtag trending on Twitter, with fans including Tesla Inc. chief Elon Musk pushing to record highs on April 20 or 4/20.
Bitcoin and Ether are still up 90% and 180% respectively this year as the crypto industry matures. Institutional investors such as Goldman Sachs Group Inc. and Bank of New York Mellon have entered the sector, and the Nasdaq listing of Coinbase Global Inc. raised the profile of cryptos in mainstream markets last week.
“Bitcoin is trying to stabilize after the weekend plunge into bear market territory,” said Edward Moya, senior market analyst at Oanda Corp. “Institutional demand could view this massive sell-off as a buying opportunity. Bitcoin could continue to stabilize here, with new trading ranges between $ 52,000 and $ 62,000 for the coming weeks.”
As Dogecoin fans continue to make waves, some crypto investors offered words of caution.
“It really has to be an alt coin season,” said Justin Chuh, senior trader at regulated digital asset manager Wave Financial, who expects most retail investors to buy and hold a wallet of just Bitcoin and Ether, and the Internet stack. on in the asset class only “adds to the heartbreaking volatility.”