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July 18, 2024
PI Global Investments

Dogecoin (DOGE) Explodes $8% Daily, Bitcoin (BTC) Continues Trading Sideways (Weekend Watch)

Bitcoin’s untypical lack of volatility continues as the asset has failed to move during the weekend from the $41,500 mark.

Most altcoins are also quite sluggish now, with minor gains seen from the likes of ETH, SOL, XRP, BNB, and ADA.

BTC’s Stagnation Continues

The ETF approvals from last week came amid enhanced volatility that saw BTC going up and down by several thousand dollars. The peak came on Thursday when the products reached the US financial markets, and Bitcoin skyrocketed to a 21-month high of $49,000.

Hours later, though, all gains were erased, and a further dump to $41,500 came on Friday evening. As Saturday arrived, the cryptocurrency recovered a portion of its losses and stood at around $43,000. Since then, there have been very few actual price movements.

In fact, BTC has remained at around and below that level for the past week. This weekend has been quite uneventful as well, with the asset struggling to overcome $42,000.

Its market capitalization remains at just over $815 billion, and its dominance over the alts sits quietly below 50%.

BTCUSD. Source: TradingView

DOGE Takes The Main Stage

Most alternative coins have also been sluggish within the same weekly timeframe. The past 24 hours have brought minor gains for the larger caps such as ETH, SOL, XRP, BNB, ADA, DOT, and TRX – all of which have increased by around 1%.

Avalanche, Toncoin, and Polygon have jumped by around 3% each. Dogecoin, though, has taken the main stage with an 8% surge. As a result, the OG meme coin currently sits above $0.085.

More gains come from the likes of Ronin, PYTH, SC, and ASTR, with double-digit increases.

The total crypto market cap has erased yesterday’s losses and is up to $1.640 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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