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Dogecoin Jumps 8%, Bitcoin Slips Below $23K (Market Watch)



Dogecoin pumped almost immediately after the most recent Musk announcement in regards to Twitter.

After failing to overcome $24,000 yesterday, bitcoin took a serious dive and dropped by over $1,500 at one point.

Most altcoins are in the red today as well, as they were yesterday. However, Dogecoin emerges as today’s top performer, following news on the Twitter front.

Bitcoin Below $23K

As CryptoPotato reported earlier today, January 2023 is en route to becoming the asset’s best-performing month in over a year. This is because BTC stood below $17,000 at the start of the year and has skyrocketed by roughly 40% in the following 31 days.

It was even higher yesterday when the bulls initiated another impressive leg-up that resulted in coming inches away from $24,000. This became BTC’s highest price point since mid-August 2022.

However, the bears were quick to remind of their presence and pushed bitcoin south almost immediately. In the following hours, the cryptocurrency fell to $23,000 and kept plunging to an intraday low of $22,400 (on Bitstamp).

Despite recovering some ground since then, BTC still struggles below $23,000. Its market cap is down to $440 billion, and its dominance over the alts has taken a minor hit and is now at 42.4%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE Pumps 8%

Most altcoins charted impressive gains at the end of last week, but the trends have changed now. Ethereum went well above $1,600 during the weekend, but two consecutive days of price drops have pushed it to $1,570 as of now.

Ripple, Cardano, Polygon, OKB, Solana, Polkadot, and Avalanche are also slightly in the red from the larger-cap alts.

Binance Coin, Shiba Inu, and Litecoin are among the few exceptions with insignificant gains. Dogecoin, however, stands out as today’s top performer. DOGE is up by 8% as Elon Musk hinted that Twitter could soon integrate crypto payments.

The cumulative market cap of all crypto assets, though, has seen over $15 billion gone in a day and is down to $1.040 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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