The price fluctuations of bitcoin have been much less dramatic over the last day or so following the extreme volatility on Tuesday.
The majority of altcoins have very diverse landscapes; DOGE and SHIB have Plummet sharply, whereas BNB, SOL, and MATIC have increased by 5-7%.
by CurrencyRate.TodayPage Contents
- 1 Bitcoin Stalls at $66K
- 2 NEAR Soars, SHIB, DOGE on the Retrace
- 3 Frequently Asked Questions
- 3.1 What caused the decline in Doge and Shib prices?
- 3.2 How does market volatility affect Doge and Shib prices?
- 3.3 What impact did China’s crackdown on cryptocurrencies have on Doge and Shib?
- 3.4 How do Elon Musk’s tweets influence Doge and Shib prices?
- 3.5 Why do Doge and Shib lack fundamental value compared to other cryptocurrencies?
- 3.6 What is the overall impact of the decline in Doge and Shib prices?
Bitcoin Stalls at $66K
At the beginning of this week, Bitcoin was the focus of the whole cryptocurrency world due to its gains of over $10,000 and rise above $60,000. There was growing anticipation about whether the asset would test and possibly surpass the 2021 ATH of $69,044 (via CoinGecko).
The significant gains on Monday, which lifted Bitcoin from below $62,000 to about $68,000, contributed to the excitement. After failing at its initial attempt, Bitcoin saw a lift up from the bulls, and on Tuesday it charted a new all-time high at $69,300.
But at this time, the bears emerged from the bushes and drove Bitcoin south. The price of the cryptocurrency dropped to less than $59,500 in a matter of hours, losing about ten thousand. However, despite analyst comments that there’s no reason to panic, Bitcoin started to rebound quite swiftly and nearly instantly went back to $67,000. The asset has not changed significantly since then and is currently slightly below that valuation.
Its market capitalization is still more than $1.3 trillion, but its lead over the alternatives has decreased slightly to less than 50%.
NEAR Soars, SHIB, DOGE on the Retrace
The two biggest representatives have been leading the majority of meme coins in a recent uptrend. However, things have changed significantly with DOGE and SHIB recently. Over the last day, SHIB has dropped by 15% while the original meme coin has decreased by 10%.
Additionally, ETH has dropped to below $3,800 following a little daily retracement. SOL, BNB, and MATIC, on the other hand, show notable gains of approximately 5-7%. Still, after rising by 26% per day, NEAR has become the best performer among the larger-cap alts. Following suit, ATOM, and HBAR also see 10% gains.
According to CoinGecko, the overall market capitalization of cryptocurrency has increased slightly over the last day to reach nearly $2.650 trillion.
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Frequently Asked Questions
Cryptocurrency investors often have questions about the recent decline in Doge and Shib prices. Here are some common queries and their answers:
What caused the decline in Doge and Shib prices?
The decline in Doge and Shib prices can be attributed to market volatility, China’s crackdown on cryptocurrencies, Elon Musk’s tweets, and the lack of fundamental value.
How does market volatility affect Doge and Shib prices?
Market volatility, influenced by factors like market sentiment, regulatory changes, and economic events, can cause significant fluctuations in the prices of Doge and Shib.
What impact did China’s crackdown on cryptocurrencies have on Doge and Shib?
China’s strict regulations on cryptocurrency trading and mining have resulted in a decrease in demand for Doge and Shib, impacting their prices.
How do Elon Musk’s tweets influence Doge and Shib prices?
Elon Musk’s tweets about Doge and Shib have a significant impact on their prices, as investors react to his comments and adjust their positions accordingly.
Why do Doge and Shib lack fundamental value compared to other cryptocurrencies?
Doge and Shib were initially created as a joke and do not possess the same level of technological innovation or real-world use cases as some other cryptocurrencies.
What is the overall impact of the decline in Doge and Shib prices?
The decline in Doge and Shib prices may lead to cautiousness among investors, resulting in decreased trading volume and liquidity for these coins.
Cryptocurrency investors need to consider these factors when making investment decisions in the market.
