Bitcoin Hovers At $58K, DOGE Closing in on BNB Market Cap
Bitcoin’s weekend starts with a $3,000 pump to above $58,000. Dogecoin went for another record and came close to surpassing BNB’s market cap.
After falling to $55,000 yesterday, bitcoin recovered more than $3,000 of value and tapped $58,000. Most alternative coins are somewhat stagnant on a 24-hour scale, except Dogecoin. The meme coin charted a new all-time high hours ago and is close to overcoming BNB as the third-largest digital asset.
Bitcoin Breaks $58K
The primary cryptocurrency has been somewhat struggling in the past few days, as previously reported. It attempted to break above $58,000 on multiple occasions but failed every time.
Moreover, the subsequent rejections drove BTC down by a few thousand dollars. Another similar example transpired on Thursday when bitcoin slumped from $58,500 to $55,000 in a matter of hours.
However, the situation seems a bit more favorable for the cryptocurrency now. Following its latest dip, the asset has bounced off rather immediately. As a result, bitcoin spiked to an intraday high of $58,750 (on Bitstamp).
This comes amid numerous reports that whales and institutions keep accumulating, while miners and retail investors have ceased selling in large portions.
As at time of writing, BTC is closing in on $59K, currently trading at $58,900.
According to the technical indicators, bitcoin has to overcome the resistance at $58,355 decisively before potentially challenging the next one at $60,000.
BTCUSD. Source: TradingView
Could DOGE Exceed BNB in Market Cap?
Most altcoins outperformed Bitcoin in the past few weeks, which was evident from the declining bitcoin dominance. The metric slumped to a near 3-year low of beneath 45%.
Ethereum hit an ATH yesterday reaching almost $4,000 and is currently trading at $3,860. Binance Coin and Ripple are slightly up to $643 and $1.57, respectively.
In contrast, Polkadot and Cardano have charted minor losses on a 24-hour scale.
Dogecoin reached a new all-time high at $0.74 following Elon Musk’s most recent pro-DOGE comments, but currently trades at $0.66 following Barry Silbert’s bet against the meme coin.
