Bitcoin, dogecoin slip while ether, cardano gain

Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the second largest crypto by market capitalization, was hovering around $3,619, up over 2%. Cardano gained 5% to $2.29 whereas dogecoin prices tumbled marginally to $0.24. XRP, Litecoin, Uniswap gained while Stellar and Shiba Inu slipped.

Shiba Inu plunged 25% in the last 24 hours after soaring over 300% in a week as Elon Musk tweeted about his puppy, Floki, a Shiba Inu breed. The jump comes at the same time the wider crypto market is surging as well. Bitcoin is up about 30% in the past seven days and trading in the mid-$50,000s, and second-ranked Ether has been gaining as well.

“Crossing the $50,000 threshold and Bitcoin’s rally to the $55,000 level is something of a historic event. Total Crypto’s market cap could soon reach $2.5 trillion based on the Cup and Handle pattern seen forming on the chart. However, for the Total Crypto limit to reach that level, BTC and other tokens need to be increased further. Bitcoin’s performance over the last few days has been quite remarkable as the price of BTC has soared by almost 27%, nearly outperforming most, if not all, other major cryptocurrencies,” said Siddharth Menon, COO of WazirX.

The Bitcoin rally has come after digital tokens remained under pressure post China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender. 

“After that overwhelming bullish rally, COTI’s performance over the past week has been quite dismal. The RSI indicator clearly shows that the token has been overbought and has started its decline after crossing 75 bringing it below 55. It is still in the buy zone and we can expect COTI to recover at any time,” Menon added.

(With inputs from agencies)