Weekend Watch: Dogecoin Soars 6.5%, Bitcoin Fights for $19K
While bitcoin continues to struggle at around $19,000, Dogecoin has added 6.5% of value in the past 24 hours.
After the recent volatility and the latest multi-month low, bitcoin has calmed slightly around the $19,000 mark.
Most alts have painted insignificant losses today, while Dogecoin has emerged as the top performer from the large-cap ones.
Bitcoin Battles for $19K
The past several days were quite volatile for BTC, starting with the dip to $18,300 on September 19. At the time, that marked a three-month low for the asset.
Bitcoin went on the offensive in the following hours and even neared $20,000 two days later. However, this was just ahead of the US Federal Reserve meeting in which Jerome Powell announced a 75 basis point hike in the interest rates.
As with previous examples, this sent BTC straight south. In a matter of hours, the cryptocurrency plummeted by almost $2,000 to yet another new three-month low of $18,100.
Despite this massive drop, bitcoin reacted rather immediately and bounced off to $19,000. In the past day, the asset tried to recover some more of its recently lost value but was stopped and now fights for $19,000.
Its market capitalization still struggles at $365 billion, but its dominance over the alts has taken a hit and is under 39% now.
Dogecoin Jumps 6%
The altcoins were also quite volatile in the past week. Ripple was the undisputed leader in terms of gains, having soared by 60% weekly, perhaps due to whales accumulating and the developments around the lawsuit against the SEC. Now, though, XRP has retraced by over 8% in a day and currently sits just shy of $0.5.
Ethereum remains above $1,300, despite a minor daily decline. Cardano, Polkadot, and Tron are also slightly in the red from the top 10.
Binance Coin, Solana, Shiba Inu, and MATIC, on the other hand, have painted minor increases. Dogecoin stands out as the bigger gainer today from the larger-cap alts, with a 6.3% increase that has pushed it to over $0.065.
LINK and QNT have also added impressive percentages from the mid-cap alts. Overall, the cumulative market cap of all crypto assets stands calm at $940 billion.