Dogecoin Continues to Rise Amid Crypto Market Plunge
Markets are showing some green signals amid bearish overlook of the investors. Dash and Dogecoin are continuously defying the last week's drop. A very little movement has occurred over the past couple of days which leaves markets at just below $200 billion, very close to their yearly lows.
Bitcoin is trading at $6332 at the press time and broke the support level of $6400. Over the past 24 hours, it has remained flat. The next major resistance level for BTC is around the $6,600. Ethereum has continued to plunge down and is at its lowest point for over a year. ETH gained about 4% during the last 24 hours but has already broken the support level of $200. It reached $185 before coming back to $199.
"Altcoins are still bearish and mostly in the red at the moment. ETH is the biggest loser in the top ten but has gained 4.25% in the last 24 hours. Bitcoin Cash is up by 3.25%, Cardano by 1.35% and Monero by 4.67%. The rest are pretty flat with very small gains."
The top twenty are also inactive with only two altcoins making a move. Dash has regained 11.92% during the last 24 hours to trade at $204.5. Dogecoin which has been on a run last week has also gained 8.7% during the last 24 hours. DOGE has made more than 120% in the past 30 days and is one of the few altcoins that has not been thrashed in the week's market plunge.
"Trade volume has risen considerably to $47 million, most of which is on Gate.io."
The team also successfully tested the Dogethereum bridge last week. Following few days of the bearish market, there are a number of alts in the green right now with Dash and IOTA emerging out as the topmost gainers. Rchain and Holo are both suffering considerable losses at around 5.82% and 2.45% declines respectively on the day.
Total crypto market capitalization has fallen back considerably to around $197 billion, very close to its August 14 low point of $189 billion. .Things are not looking up in the crypto land as the long-term downtrend is still intact and the technical indicators are still looking bearish. The only thing that has climbed is Bitcoin's market dominance. It is now at 55.6%, its highest level since mid-December.
At press time, the top 5 gainers are Dash (11.9%), IOTA (8.91%), Nexus (8.8%), Dogecoin (8.7%), and Bitcoin Diamond (7.4%).