Dogecoin Explodes 110% Weekly, Bitcoin Holds $20K: Weekend Hour

Bitcoin once again stopped at $21,000 but held above the coveted $20,000 line.

Dogecoin continues to steal the show since Elon Musk’s Twitter acquisition became official, with triple-digit weekly gains.

It’s a Dogecoin offer

It is safe to say that the original memecoin is the best performer of the week. As of Wednesday, Dogecoin was struggling around $0.07, along with the rest of the market. However, the landscape began to change later this week when reports began emerging that Elon Musk was close to taking over Twitter.

Looking at the history between the billionaire and memecoin, the price of the latter reacted with an immediate increase. This led to a multi-month high of $0.1 hit yesterday. However, DOGE stock continued to climb in the following hours, losing $0.15 earlier today – for the first time since May.

Despite pulling back to $0.125 so far, the asset is still up by 15% on a daily basis and above 110 on a weekly basis.

The rest of the cryptocurrency is quieter, even with fewer losses. These are the cases of Ethereum, Ripple, Solana, MATIC, Polkadot, Shiba Inu, Tron, and Avalanche.

However, the cumulative market capitalization of all crypto assets has crossed $1.1 trillion, due to the boost from Dogecoin’s earnings.

An overview of the cryptocurrency market. Source: Quantify Crypto

Bitcoin price drops to $21,000

The primary cryptocurrency has been in flux over the past few days, albeit in a more modest way than DOGE. It jumped over $20,000 on Tuesday and hasn’t looked back since. The only drop towards that level came after the European Central Bank announced its latest rate hike, which pushed BTC south from $21,000 to just over $20,000.

But the bulls managed to maintain this level and started another movement hours later. This resulted in it briefly surpassing $21,000 and drawing a new 6-week high.

But like the previous attempt, this one failed, and bitcoin has since fallen by a few hundred dollars. As of now, it is trading around $20,500. Its market capitalization is approaching $400 billion, but its dominance of alternatives has taken a small hit and is less than 39%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

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