Saturday, November 26, 2022

DOGE Plunges 12% As Bitcoin Dumps To 6-Week Low: Analysis

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DOGE plunges 12% as Bitcoin dumps to a 6-week low since its voyage above $40K didn’t last long as we can see more today in our latest cryptocurrency news.

Doge is in the deep red as of today and Bitcoin soared above $40,000 but then reversed its trajectory and dumped to a six-week low below $38,000 the altcoins are also in the red as DOGE plunges 12% and lost all the recent gains that came out of the Elon Musk- Twitter saga. A few consecutive days of price falls emerged and BTC initiated an impressive leg up that brought it up by $3000 in one day, the asset went from $38,000 to under $41,000 whcih came after the last week’s rejection of $43,000 which returned the control over the market to the bears.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

BTC challenged $41,000 but to no avail and failed to breach this level and the rejection drove it south so in a matter of hours, BTC lost its daily gains but it continued to dump also. The crypto fell below $38,000 for the first time since March and reacted positively to the drop while now it is around $1000 higher. the market cap dumped below $750 billion. The altcoin market registered some strong gains but similar to BTC It turned red.

Ethereum spiked above $3000 a few days after dropping below this level but this was short lives as ETH now trades at $2900 after a 3.5% daily decline and binance Coin is below $400 after a 2% decline. Solana stands at $100 but it is in the red as well while Ripple, Cardano, TErra, dOT, and SHIB all lost traction as well. DOGE dropped the most to below $0.15 but it is worth noting that DOGE spiked by double digits when the news broke that Twitter accepted Musk’s offer. The crypto market cap saw about $100 billion evaporate in one day and it is down to $1.8 trillion.

btcusd
BTCUSD. Source TradingView

As earlier reported, Dogecoin is down by 8% so far and sheds some of the price gains that it was on Monday after Elon Musk purchased Twitter. Doge dumps gains by 9% after the hype of Musk’s Twitter purchase fades away. Dogecoin had a banner day yesterday as the leading meme coin popped in value on the news that Elon Musk, Tesla CEO will acquire Twitter.

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