Bitcoin Dipped to $45K, Dogecoin Up 5% on Elon Musk-Twitter News (Market Watch)

By | April 5, 2022


After failing to conquer $47,000, bitcoin dipped by several thousand dollars to around $45,000. Most altcoins sit rather calm today, with Dogecoin being the most impressive gainer. A 5% increase has pushed DOGE to above $0.15.

DOGE Spikes 5% Following Musk-Twitter News

Most alternative coins calmed in the past few days after the enhanced volatility experienced last week. Ethereum, for example, had dropped to $3,300 at one point before the bulls came back to play and pushed it to a three-month high above $3,500. Since then, ETH has remained around that level and sits above it now after a minor daily increase.

Binance Coin trades above $450 for the first time in months as well as BNB has added 2% since yesterday. Terra, Polkadot, and Shiba Inu are also slightly in the green.

In contrast, Solana, Ripple, Cardano, and Avalanche have charted minor daily declines.

Dogecoin is the most substantial gainer from the larger-cap alts with a 5% increase. This comes after news broke that Elon Musk had acquired a 9.2% passive stake in Twitter, which, somewhat surprisingly, also pushed DOGE’s price higher yesterday.

The crypto market cap has remained relatively calm as well and is still above $2.150 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Dipped to $45K

On April 1, the primary cryptocurrency dumped to just over $44,000 after a few days of consolidation between $47,000 and $48,000. However, the recent bullish sentiment in the cryptocurrency market in the past few weeks didn’t allow any further declines.

Just the opposite, BTC recovered almost all losses rather quickly and spiked above $47,000. As reported yesterday, the asset jumped to north of that level again but failed to maintain there.

As such, the bears pushed it south, and bitcoin found itself dipping to $45,000 for the second time since the start of the month.

As of now, BTC has bounced off and sits above $46,500. Nevertheless, its market capitalization is still below the coveted $900 billion mark.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.



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