Bitcoin Still Trading Around $58k, DOGE Surge Continues

Bitcoin started the weekend with a bullish sign, pumping from the $55k region to over $58k. The leading crypto asset fell by almost $3000 yesterday but has quickly regained strength within the last 24 hours. In the past few days, BTC has been seen trying to break the $58000 resistance to maintain a bullish movement but has failed to do so. In each instance, the bears seemed to be more powerful than the bulls. 

On Thursday, the rejection from the $58k level was intense, to the extent that it sent BTC down to $55k within a few hours. The dip did not seem to cause a panic in the market, as Bitcoin quickly recovered and spiked to a high of $58,750 the following day. As it stands, BTC still trades above the $58k region. Technical indicators suggest that the $58350 resistance which previously held it back from mooning has been overcome and it looks set to head towards $60000. 

Bitcoin Dominance Reduces as Altcoins Gradually Steal the Show

In the past few weeks, most altcoins have risen significantly, outperform the leading crypto asset, Bitcoin. The Bitcoin dominance level went as low as 45%, the lowest in the past three years. 

In the past 24 hours, however, most altcoins have been relatively stable. Doge on the other hand has been fuming for some days now and even the last few hours. Doge reached another new all-time high for the second time this month. The meme coin hit the $0.74 mark and all Doge fans and crypto analysts at this point believe that all roads lead to $1 for the controversial coin. 

The surge in the price of Dogecoin has also led to an increase in its market cap. At the moment, it looks set to flip the famous Binance coin from the third spot in the market cap rank of cryptocurrencies. Its market cap at the moment is just $5 billion shies surpassing BNB. Given its outstanding performance this year, it would not be a total shocker if the meme coin with lots of fans eventually climbs up to rank #3 on the list of crypto assets.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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