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DOGE entered the top 10 coins while Bitcoin is eying the $40,000 level once again after it dipped below $38,000. BTC bounced off at the same time when Elon Musk initiated interest towards DOGE which put the meme coin at the top 10 positions as we are reading in today’s Dogecoin news.
Bitcoin’s dominance continues to crash and dipped below 61% when the cryptocurrency remained below the $39,000 price point. This was a result of the exploding by the lower and mid-cap altcoins. Most of the larger-cap coins calmed in the past 24hours while Dogecoin took advantage and returned to the top 10. The primary cryptocurrency had a great week in which it skyrocketed by about $9000. BTC dipped to $32,000 on Monday but may be driven by institutional investors withdrawing from Coinbase that started to gradually increase in value.
This culminates in a 1-month top of $41,000 but the cryptocurrency failed to maintain the price at a high level before dropping below $40,000. The bears enhanced their endeavors and pushed the price of the cryptocurrency to a new low of $37,500 in the past 24hours on bitstamp. Bitcoin refused to stay down and jumped above the $39,000 level again. From a technical viewpoint, BTC has a few obstacles at $40,000, $41,000, and an all-time high of $42,000. The support lines are set at $38,500, $38,000, and $37,500 which could maintain the price in case of a new breakdown.
Most of the altcoin was on a roll lately which resulted in a few all-time high records for Chainlink, Polkadot, Cardano, Ethereum while Litecoin and XRP are in the red. DOGE entered the top 10 coins list as BNB added about 8% of the value and neared its record price of $75. What’s even more compelling is the return of Dogecoin to the top 10 after a 20% surge. This comes after a significant interest in the meme coin from Snoop Dogg, Winklevoss Twins, and Elon Musk.
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The situation in the lower and mid-cap altcoins is more volatile as Avalanche gained the most with a 50% increase, followed by Matic Network 45% and Elrond by 48%. Terra increased by 27%, 0x by 22%, The graph by 20%, and Ravencoin by 15%. With these coins rising, they reduced BTC’s dominance over the market to below 61% after the metric hit 62% over the weekend.
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