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Bitcoin Maintains $63K, Dogecoin’s Rise Continues With Another 6% Surge (Weekend Watch)

Summary:
Bitcoin’s price recovery tour took it to a multi-day peak of ,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then. Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%. BTC Stopped at .5K The start of May was quite painful for the bitcoin bulls as the cryptocurrency slumped hard after failing to pump above ,000 a day earlier. The massive correction drove the asset to its lowest price tag in over two months of ,500. The Fed’s refusal to raise the interest rates any further brought more volatility, as BTC pumped and dumped by ,000 in minutes on Wednesday afternoon. Only then started the gradual price recovery as bitcoin jumped to ,000 by Friday. The bulls

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Bitcoin’s price recovery tour took it to a multi-day peak of $64,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then.

Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%.

BTC Stopped at $64.5K

The start of May was quite painful for the bitcoin bulls as the cryptocurrency slumped hard after failing to pump above $65,000 a day earlier. The massive correction drove the asset to its lowest price tag in over two months of $56,500.

The Fed’s refusal to raise the interest rates any further brought more volatility, as BTC pumped and dumped by $2,000 in minutes on Wednesday afternoon. Only then started the gradual price recovery as bitcoin jumped to $59,000 by Friday.

The bulls initiated another leg up then that drove the asset to and beyond $62,000. This increase culminated yesterday with an increase to a multi-day high of $64,500.

However, bitcoin failed to overcome that level and has retraced by more than $1,000 since then. Still, it trades above $63,000 and its dominance over the alts has neared 51%. In contrast, its market cap has declined to $1.244 trillion on CG.

Bitcoin/Price/Chart. 05.05.2024. Source: TradingView
Bitcoin/Price/Chart. 05.05.2024. Source: TradingView

DOGE Keeps Rising

The largest meme coin – Dogecoin – was among the top performers yesterday and it has only doubled down on its run. DOGE has jumped by another 6% in the past 24 hours and now trades at $0.16.

The other impressive gainer from the top 36 alts is RNDR, which has soared to $9 after an 8.5% daily increase. AVAX, LINK, and NEAR are also in the green.

In contrast, TON, SHIB, and ADA have declined by somewhere between 2-4%. ETH, BNB, SOL, and XRP are also in the red but in a less painful fashion.

The total crypto market cap has declined by around $40 billion since yesterday’s peak and is now down to $2.450 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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