Bitcoin Soars Past $28,500 As Dogecoin Slows Down

Twitter icon  •  Published il y a 11 mois  •  Hassan Maishera

Bitcoin is now trading above $28,500, while Dogecoin’s rally has cooled down, and the meme coin is now trading just below $0.1.

TL;DR

  • Bitcoin is having a positive start to the week and is now trading above $28k once again.

  • Dogecoin’s rally has momentarily paused after adding more than 30% to its value earlier this week.

Bitcoin Moves Past The $28,500 Level

Bitcoin has been trading below the $28k level for the past few days. However, it rallied past $28,500 a few hours ago as buyers took control of the market.

There is no special catalyst behind Bitcoin’s latest positive performance. The market continues to perform positively despite Binance’s issues with regulators in the United States.

Binance is not the only cryptocurrency exchange that is facing regulatory challenges. Earlier this week, crypto exchange Bittrex announced that it would wind down its operations in the United States due to regulatory uncertainties. 

Despite the negatives from the market, Bitcoin has continued to perform well. Bitcoin is up by more than 3% in the last seven days and could be heading towards the $30k psychological level in the near term.

Dogecoin Cools Down

Dogecoin became the crypto of interest this week after its rally. DOGE soared by roughly 30% earlier this week after Twitter replaced the bird on its logo with that of Dogecoin.

The move saw many in the crypto space believe that Elon Musk could be integrating Dogecoin into the Twitter ecosystem. If that happens, Dogecoin could gain massive utility as Twitter has millions of users globally. 

DOGE soared to the $0.1 level for the first time since November 2022. However, the rally has since subsided, and the leading meme coin is now trading at $0.0971 per coin.

Ether, the second-largest cryptocurrency by market cap, continues to struggle to move past the $2k resistance level. ETH is up by more than 5% in the last 24 hours and is now trading above $1,900 per coin.

The Shanghai upgrade on the Ethereum network is slated for later this month. The upgrade would allow staked coins to be unstaked on the Ethereum network. ETH could rally higher over the coming days as investors anticipate the latest upgrade.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.