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Fans are driving Dogecoin higher to mark a favorable day, even while other cryptocurrencies are still struggling.
Shiba Inu-themed data has risen about 17% over the past 24 hours, according to data from CoinGecko.com from 11am in Hong Kong, while industry leaders extended losses. Bitcoin tumbled for a fifth consecutive session with 3.4% declines to about $ 54,287, and after the biggest intraday decline in nearly two months over the weekend. The second-largest cryptocurrency, Ether, fell 5.1 percent 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, co-founder of crypto-lending firm Nexo. “Dogecoin is symptomatic of the spirit of the times happening before our eyes.”
These latest volatile fuels are talking about a bubble in cryptocurrencies and have plunged its total market capitalization. Nevertheless, the total remains close to the record threshold of $ 2 trillion that was exceeded two weeks ago. Crypto’s champions are part of an iconoclastic trend, including WallStreetBets retailers, which are challenging investment norms. Dogecoin’s sprint is fueled by the #DogeDay hashtag trending on Twitter, with fans including Eles Musk, head of Tesla Inc., aiming for record highs on April 20 or 4/20.
Like Bitcoin and Ether, this year is still about 90% and 180% higher as the crypto industry declines. Institutional investors such as Goldman Sachs Group Inc. and Bank of New York Mellon entered the sector and the Nasdaq listing of Coinbase Global Inc. last week lifted crypto’s profile in the mainstream markets.
“Bitcoin is trying to stabilize after the weekend’s drop to the bear market,” said Edward Moya, senior market analyst at Oanda Corp. ” The institutional demand can find this big sale as a buying opportunity. Bitcoin may continue to stabilize here, with a new trading range forming between $ 52,000 and $ 62,000 for the next few weeks. ‘
While Dogecoin fans are still making waves, some crypto investors have uttered words of warning.
“It really has to be an alt-currency season,” said Justin Chuh, senior trader at regulated digital asset investment manager Wave Financial, which expects most retail investors to be able to buy the best and keep a Bitcoin-only portfolio. and Ether and the Internet hope in the asset class “only contribute to the volatility in the gut”.