Dogecoin Explodes 110% Weekly, Bitcoin Maintains $20K
Dogecoin has soared by over 110% for the past week, as Elon Musk finally purchased Twitter.
Bitcoin was stopped once again at $21,000 but has remained above the coveted $20,000 line.
Dogecoin continues to steal the show ever since Elon Musk’s acquisition of Twitter became official, being up by triple-digits on a weekly scale.
It’s Dogecoin’s Show
It’s safe to say that the original memecoin is this week’s best performer. Up until Wednesday, Dogecoin struggled around $0.07, along with the rest of the market. However, the landscape started to change later this week when reports started emerging that Elon Musk is closing down on his acquisition of Twitter.
Given the history between the billionaire and the memecoin, the latter’s price reacted with an immediate surge. This led to a multi-month high at $0.1 registered yesterday. Nevertheless, DOGE kept climbing in the following hours and tapped $0.15 earlier today – for the first time since May.
Despite retracing to $0.125 as of now, the asset is still up by 15% daily and more than 110 weekly.
The rest of the altcoins are a lot quieter, even with minor losses. Such are the cases with Ethereum, Ripple, Solana, MATIC, Polkadot, Shiba Inu, Tron, and Avalanche.
Nevertheless, the cumulative market cap of all crypto assets has remained well above $1.1 trillion, given the boost provided by Dogecoin’s gains.
Bitcoin Rejected at $21K
The primary cryptocurrency has also been on a roll for the past several days, albeit in a more modest fashion than DOGE. It jumped to and beyond $20,000 on Tuesday and hasn’t looked back since. The only dip towards that level came after the ECB announced the latest interest rate hike, which pushed BTC south from $21,000 to just over $20,000.
However, the bulls managed to maintain that level and initiated another leg-up hours later. This resulted in briefly exceeding $21,000 and charting a new 6-week high.
Similar to the previous attempt, though, this one failed, and bitcoin has since retraced by a few hundred dollars. As of now, it trades at around $20,500. Its market cap is close to $400 billion, but its dominance over the alts has taken a slight hit and is under 39%.