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Bitcoin’s Sideways Action Continues at $58K: DOGE About to Flip BNB (Market Watch)


cryptopotato.com 08 May 2021 09:13, UTC
Reading time: ~2 m

After falling to $55,000 yesterday, bitcoin recovered more than $3,000 of value and tapped $58,000. Most alternative coins are somewhat stagnant on a 24-hour scale, except Dogecoin. The meme coin charted a new all-time high hours ago and is close to overcoming BNB as the third-largest digital asset.

Bitcoin Heads for $58K

The primary cryptocurrency has been somewhat struggling in the past few days, as previously reported. It attempted to break above $58,000 on multiple occasions but failed every time.

Moreover, the subsequent rejections drove BTC down by a few thousand dollars. Another similar example transpired on Thursday when bitcoin slumped from $58,500 to $55,000 in a matter of hours.

However, the situation seems a bit more favorable for the cryptocurrency now. Following its latest dip, the asset has bounced off rather immediately. As a result, bitcoin spiked to an intraday high of $58,750 (on Bitstamp).

This comes amid numerous reports that whales and institutions keep accumulating, while miners and retail investors have ceased selling in large portions.

As of writing these lines, BTC has retraced slightly but still hovers above $58,000.

According to the technical indicators, bitcoin has to overcome the resistance at $58,355 decisively before potentially challenging the next one at $60,000.

Could DOGE Flip BNB?

Most alternative coins outperformed their leader in the past few weeks, which was evident from the declining bitcoin dominance. The metric slumped to a near 3-year low of beneath 45%.

However, some alts have calmed in the past 24 hours. Ethereum painted its latest ATH yesterday at above $3,600 but has retraced slightly to below $3,550. Binance Coin and Ripple are slightly up to $630 and $1.6, respectively.

In contrast, Polkadot and Cardano have charted minor losses on a 24-hour scale.

Nevertheless, DOGE has stolen the show again. As reported earlier, Dogecoin reached a new all-time high at $0.74 following Elon Musk’s most recent pro-DOGE comments.

As a result, the meme token’s market cap came just $5 billion away from surpassing BNB’s.

Further gains come from BakeryToken (30%), Bitcoin Diamond (28%), Horizen (27%), Fantom (19%), Cosmos (18%), THETA (16%), ICON (10%), Venus (10%), and Celsius (10%).

Ultimately, the total crypto market cap has remained around $2.4 trillion.



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