Hassan Maishera
TL;DR
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Bitcoin continues to trade below $28k as traders await this week’s job data in the United States.
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Dogecoin outperformed the other major cryptocurrencies in the last 24 hours after Elon Musk teased Twitter with a Dogecoin meme.
Bitcoin Still Struggling To Stay Above $28k
Bitcoin, the number one cryptocurrency in the world, continues to trade around the $28k region. The coin surged past the $28k mark on Monday but has since then dropped and is currently trading above $27,800 per coin.
The parallel performance comes as the broader financial markets continue to wait for the NFP data from the United States later this week. The NFP data could be an indicator of how the FOMC could adjust the interest rate in its next meeting.
Market experts are confident that Bitcoin holding its position close to the $28k region is a positive indication that the broader market sentiment has improved.
Dogecoin Blows Hot
Dogecoin has taken center stage so far this week after outperforming the other major cryptocurrencies. DOGE surged by more than 24% in the last 24 hours, reaching the $0.1 psychological mark before slightly retracing to now trade at $0.09598 per coin.
The rally was fueled by Tesla and Twitter CEO Elon Musk. Musk teased with a picture on Twitter, where he replaced the Twitter bird logo with that of Dogecoin.
The picture sent the Dogecoin community into a frenzy as they tried to figure out what it meant. The Dogecoin buying began almost immediately, resulting in DOGE trading at $0.1 for the first time since November 2022.
