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Fans drive Dogecoin above to mark a auspicious day, even as other cryptocurrencies continue to struggle.
The Shiba Inu-themed satirical token has risen about 17 percent in the past 24 hours, according to CoinGecko.com as of 11 a.m. in Hong Kong, while industry leaders are spreading losses. Bitcoin fell 3.4% to about $ 54,287 for the fifth straight session of declines and after the biggest intraday decline in nearly two months over the weekend. The second largest cryptocurrency, Ether, fell 5.1% on Tuesday to $ 2,097.
“There is a tribe of investors, many of them Millennials, who see it as a cause, a movement,” said Antoni Trenchev, co-founder of cryptocurrency firm Nexo. “Dogecoin is symptomatic of the zeitgeist happening before our eyes.”
These latest volatility fuels are talking about a bubble in cryptographic assets and have affected the whole market capitalization. However, the total remains close to the record threshold of 2 trillion dollars exceeded a week ago. Crypto champions are part of an iconoclastic trend, including WallStreetBets retailers, which are challenging investment rules. The Dogecoin sprint is propelled by the hashtag #DogeDay in trends on Twitter, fans, including the head of Tesla Inc.
The appreciations of Bitcoin and Ether are still growing by about 90% and 180%, respectively, this year, as the crypto industry matures. Institutional investors such as Goldman Sachs Group Inc. and Bank of New York Mellon stepped into the sector, and the Nasdaq listing a Coinbase Global Inc. last week raised the crypto profile in the main markets.
“Bitcoin is trying to stabilize after the weekend plunges into the support market,” said Edward Moya, a senior market analyst at Oanda Corp. “Institutional demand could find this massive sale as a buying opportunity. Bitcoin could continue to stabilize here, with a new trading range of between $ 52,000 and $ 62,000 for the coming weeks. ”
While Dogecoin fans continue to make headlines, some crypto investors have offered words of caution.
“It really has to be an alternative currency season,” said Justin Chuh, a senior trader at Wave Financial’s regulated digital asset investment manager, who expects most retail investors to buy and hold a Bitcoin-only portfolio. Ether and the internet stack. in the asset class only “adds to the destructive volatility”.