Market Watch: Dogecoin (DOGE) Paving its Way to $1, Bitcoin Slides

Bitcoin’s struggles continue as the asset dipped to a new 5-day low of beneath $53,000. Although some larger-cap altcoins have retraced, others, like Litecoin, Chainlink, and Dogecoin, have painted substantial gains once again.

LINK and DOGE to New ATHs

After riding high for a few consecutive days and marking new all-time highs, Ethereum has finally retraced. The latest record came above $3,500, but the second-largest cryptocurrency lost roughly $300 since then.

Binance Coin went to $680 for a record of its own as well. However, BNB has also dipped since then and is currently sitting below $630. Ripple (-5%) and Cardano (-1.5%) are also in the red.

On the other hand, Litecoin, Bitcoin Cash, Chainlink, and, somewhat expectedly lately, Dogecoin have marked impressive gains. LTC is up 15% to $325 and BCH (9.5%) is above $1,050.

LINK and DOGE have marked new all-time highs after increases of 22% and 53%, respectively. LINK’s record neared $50, while DOGE’s is around $0.70. As reported yesterday, the meme coin is now the fourth-largest digital asset by market cap.

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

More fluctuations come from Ethereum Classic (46%), Dash (18%), Telcoin (13%), Zcash (12%), EOS (12%), and OMG Network (10%). On the other hand, BakeryToken (-15%), Avalanche (-12%), Maker (-12%), Compound (-11%), and Huobi Token (-10%) have lost the most since yesterday.

Bitcoin Dipped Below $53K

While some altcoins are charting new records, the primary cryptocurrency fails to resume its 2021 bull run. Just two days ago, it seemed like the trend was finally turning as bitcoin touched $59,000. This was the asset’s highest price line in over two weeks.

However, the bears intercepted the move and drove it south. In the following 48 hours, BTC lost more than $6,000 of value and dipped below $53,000.

Despite recovering about a thousand dollars since the low, bitcoin is still 3.5% down on a 24-hour scale.

As a result, BTC’s dominance over the altcoins continues to fade away. The metric comparing bitcoin’s market cap with all other crypto assets is down to a new near 3-year low of 45.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

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