Bitcoin Maintains $63K, Dogecoin’s Rise Continues With Another 6% Surge (Weekend Watch)

Bitcoin’s price recovery tour took it to a multi-day high of $64,500 yesterday, but Bitcoin was unable to sustain its gains and has since fallen by more than $10,000.

Most high-calorie substitutes are slightly in the red on a daily scale, with TON, ADA, and SHIB decreasing by 2-4%.

BTC stops at $64.5,000

The beginning of May was very painful for Bitcoin bulls as Bitcoin failed to break above $65,000 the previous day and suffered a significant decline. A major correction sent the asset down to a two-month low of $56,500.

The Fed’s refusal to raise interest rates further increased volatility, with BTC rising and falling by $2,000 in a matter of minutes on Wednesday afternoon. Bitcoin then rose to $59,000 by Friday, and the price gradually began to recover.

The bulls then started moving higher, pushing the asset above $62,000. This rally culminated yesterday, with the stock rising to a multi-day high of $64,500.

However, Bitcoin failed to break through that level and has since fallen more than $1,000. Still, it trades above $63,000 and its control over alternatives approaches 51%. In contrast, CG’s market capitalization decreased to $1.244 trillion.

Bitcoin/price/chart. May 5, 2024. Source: TradingView

DOGE continues to rise

Dogecoin, the largest meme coin, was one of yesterday’s top performers, only doubling during its run. DOGE has risen another 6% in the past 24 hours and is currently trading at $0.16.

Another impressive gainer among the top 36 alternative stocks was RNDR, which soared to $9 after an 8.5% daily gain. AVAX, LINK, and NEAR are also green.

In contrast, TON, SHIB, and ADA decreased between 2 and 4%. ETH, BNB, SOL, and XRP are also in the red, but the pain is not as great.

The market capitalization of cryptocurrencies has fallen by about $40 billion from yesterday’s peak, and is now down to $2.45 trillion in CG.

Overview of the cryptocurrency market. Source: QuantifyCrypto
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cryptocurrency chart By TradingView.

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