Dogecoin jumps 8%, Bitcoin slips below $23K (MarketWatch)

Yesterday’s failure to surpass $24,000 caused bitcoin to take a significant dive, and it dropped to $1,500 at one time.

Altcoins are also in the red today, just like yesterday. Dogecoin is today’s top-performing altcoin, according to news from the Twitter front.

Bitcoin below $23K

As CryptoPotato As reported today, January 2023 is on its way to becoming the asset’s most successful month in more than a year. BTC was below $17,000 at the beginning of the year, and has risen by approximately 40% over the next 31 days.

Yesterday, the bulls launched another impressive leg-up which saw BTC just inches away from $24,000. This was the highest price of Bitcoin since mid-August 2022.

The bears quickly reminded bitcoin of their presence, and they pushed bitcoin south fast. The cryptocurrency plunged to $23,000 within hours and continued to plummet to an intraday low at $22,400 (on Bitstamp).

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BTC is still below $23,000 despite having gained some ground. Its market capital is now $440 billion. BTC’s dominance over alts has suffered a slight loss and is currently at 42.4%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE Pumps 8%

While most altcoins saw impressive gains last week, the trend has changed. Ethereum reached $1,600 on the weekend. However, it has now dropped to $1,570 after two consecutive days.

Ripple and Polygon, Cardano, Polygons, OKB, Solana and Polkadot are all slightly more red than the larger-cap alts.

Litecoin, Shiba inu, Binance Coin and Shiba Coin are some of the few exceptions that have not made significant gains. Dogecoin is today’s best performer. As Elon Musk suggested that Twitter might soon incorporate crypto payments, DOGE has risen by 8%.

However, the cumulative market cap for all crypto assets has dropped to $1.040 trillion, after it was able to absorb more than $15 billion in one day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.