This weekend, the cryptocurrency market has shown some exciting movements, especially for Bitcoin enthusiasts. Bitcoin’s price has been on a rollercoaster, dipping to a ten-day low of under $64,500 mid-week, only to surge back up, nearly hitting the $70,000 mark. Currently, it’s hovering around $69,000 with a notable jump to $69,800 earlier today, thanks to increased activity from big investors. This puts Bitcoin’s market cap at a hefty $1.365 trillion.
Among the altcoins, Dogecoin (DOGE) and WIF have been the stars of the show. DOGE, the beloved meme coin, has seen a nearly 9% increase, approaching $0.2. This surge is partly due to buying signals on the Robinhood platform and a decreased interest in the dollar, making riskier assets like DOGE more attractive. Additionally, a significant acquisition of DOGE by an unidentified wallet has stirred the market, although the overall number of Dogecoin whales seems to be on the decline.
WIF isn’t far behind, with a 12% jump to $3.7, followed by MNT, which has climbed 6% to $1.4. The PUPS meme coin on BRC-20 has continued shine after it’s arrival on the scene. It is up over 40% today and sits at $28 after being $6 just two days ago. Other major altcoins like ETH, BNB, SOL, XRP, ADA, and TON have seen modest gains of 1-2%. Some notable mentions include AVAX, SHIB, and UNI, which have all enjoyed increases in their values.
The total crypto market cap has bounced back impressively, reclaiming the $2.7 trillion level after a $40 billion increase in a single day. This recovery signals a positive trend for the market, especially after a week of significant fluctuations.
Dogecoin’s recent performance is particularly interesting, with its price rise coinciding with a sharp decline in its perpetual contracts’ open interest and funding rate. This suggests that the selling pressure is decreasing as traders close their short positions, allowing the price to rise even with reduced trading volume and interest. From a technical standpoint, DOGE’s bounce from a support confluence at its 200-4H exponential moving average and an ascending trendline hints at potential for further gains.
In summary, the crypto market is showing signs of vitality this weekend, with Bitcoin leading the charge and meme coins like DOGE, WIF and PUPS making notable strides. The increased interest in riskier assets and the strategic movements of large investors are key factors driving the current market dynamics.
