Bitcoin, Ethereum Rebound Loses Steam But There’s No Stopping Dogecoin: Are We Hurtling Headfirst Into An Altcoin Season? | Benzinga


Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded in the negative territory Thursday evening as the global cryptocurrency market cap fell 2.8% to $2.15 trillion.

What Happened: The apex cryptocurrency fell 2.6% to $42,752.39 over 24 hours. For the week, BTC has fallen 1.2%.

ETH lost 3.1% of its value over 24 hours and traded at $3,262.13 at press time. Over the last seven days, it has dropped 4.6%.

Dogecoin (CRYPTO: DOGE) did not move in tandem with major coins as it gained 9.8% over 24 hours to $0.18. For the week it is up 10.7%. DOGE was the fourth-largest gainer over 24 hours, according to CoinGecko data.

So-called DOGE-killer Shiba Inu (SHIB) dropped 6.5% to $0.00003 over 24 hours. Over the last seven days, it has declined 3.3%.

The three top gainers over 24 hours were NEAR Protocol (NEAR), Monero (XMR), and Secret (SCRT), according to CoinGecko.

NEAR spiked 15.3% to $20.03. XMR and SCRT jumped 12.3% to $224.37 and $7.50 respectively. 

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin touched an intraday high of $44,391.28, while ETH rose to a high of $3,408.33.

Craig Erlam, a senior market analyst with OANDA, noted BItcoin’s rapid ascent on Thursday in an emailed note.

“That swift 10% rebound is nothing by bitcoin standards and if it can break $45,500, we could see another sharp move higher as belief starts to grow that the worst of the rout is behind it.”

However, Erlam said the rebound did not appear to have firm feet. He wrote, “It looks like a fragile rebound at the moment but a break of that resistance could change that.”

Amsterdam-based cryptocurrency trader Michaël van de Poppe reassured his Twitter followers that all is “still fine.”

Gokhshtein Media CEO David Gokhshtein , a well known DOGE-bull, suggested a different game plan to his Twitter audience. 

Blockchaincenter.net’s Altcoin Season Index, which flashes “Altcoin Season” if 75% of top 50 coins perform better than Bitcoin, showed a value of 63 at press time. 

Movement Of The Altcoin Season Index, Courtesy Blockchaincenter.net

In a note on Ethereum this week, the financial market data platform Santiment said that ETH bulls “will have to hold the fort at $2800, else it’s further goblin town.” The note attributed the recent decline of the second-largest coin to macro concerns surrounding CPI, inflation and the Federal Reserve’s decisions.

However, despite the price decline, the supply of ETH on exchanges continues to decrease on exchanges suggesting “certain market participants might be still accumulating regardless.” 

Ethereum Supply On Exchanges — Courtesy Santiment

Read Next: As Bitcoin Rallies, Popular Crypto Analyst Sees These 6 Altcoins As Having Potential Right Now





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