Crypto News

Dogecoin Madness and EOS Skyrockets 30%: The Daily Market Watch

Bitcoin tried its hand at tapping $24,500 however took a sudden flip that pushed it south by virtually $1,000.

More 24-hour scale volatility got here from Dogecoin. EOS, alternatively, has skyrocketed by almost 30% in the identical timeframe.

DOGE Volatile, EOS Soars

The altcoins traded calmly yesterday, however a number of went on a unstable roller-coaster. Dogecoin is a main instance. The OG memecoin jumped from below $0.8 to a multi-week excessive at $0.92 in a matter of hours (on Binance). Then, it retraced simply as sharply and now stands under $0.85.

EOS is the very best performer from the mid-cap alts. The asset has skyrocketed by almost 30% in a day. As a outcome, it soared above $1.6, which grew to become a 3-month excessive.

Looking at a 24-hour scale, most larger-cap alts sit stagnant as nicely. Aside from a couple of temporary fluctuations, ETH, BNB, ADA, XRP, and SOL have all remained at primarily the identical worth they have been yesterday.

Shiba Inu, Avalanche, and MATIC, alternatively, have marked insignificant declines.

Tezos is one other spectacular performer as XTZ is up by over 8% in a day and sits near $2.

The crypto market cap additionally stands nonetheless now at $1.150 trillion after getting rejected at $1.2 trillion a couple of days again.

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

Industry News

According to Chainalysis, crypto-related crimes have taken a pointy decline prior to now a number of months because of the reducing market costs.

The SEC went after one other crypto project – Dragonchain – for allegedly promoting unregistered securities.

Coinbase stated it’s going to cease ETH deposits and withdrawals in the course of the Merge, which ought to happen within the subsequent month or so.

Bitcoin Drops Below $24K

The worth of the first cryptocurrency jumped in the course of the weekend to a brand new two-month excessive above $25,200. This got here after a earlier push to $25,000, however each resulted in sharp rejections.

After the second, BTC discovered itself slipping under $24,000 after a $1,000 worth dump. It spent a lot of the subsequent few days there however initiated a leg up prior to now 24 hours.

The bulls drove it to an intraday excessive of slightly below $24,500. However, one other sharp worth drop adopted, and bitcoin slumped beneath $24,000 as soon as extra, the place it’s presently positioned.

Its market cap stays above $450 billion, however the dominance over the alts is right down to a multi-month low beneath 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

By outlining a number of on-chain metrics, together with the habits of short-time holders, Glassnode instructed that BTC’s capitulation occasion had already taken place.

South Korean authorities went after native banks for collaborating in Bitcoin buying and selling and kimchi premium price over $6.5 billion.

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Cryptocurrency charts by TradingView.

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