Cryptocurrencies diverge: Bitcoin goes sideways Dogcoin surges over 50% intraday

There are suggestions that investors are turning their attention to coins other than bitcoin.

The past 24 hours have seen a clear divergence in the movements of major cryptocurrencies, with dogcoin and ethereum shining among the top cryptocurrencies by market cap.

After hitting $58,000 on the evening of the 3rd, bitcoin took a small dive in the morning of the 4th, and then even fell below the 54,000 mark. According to CoinDesk, at press time, Bitcoin was last reported at $55,210.82, down 4.55% in 24 hours, with a total market cap of $1.03 trillion.

Cryptocurrencies diverge: Bitcoin goes sideways Dogcoin surges over 50% intraday

Ethereum has been relatively strong, bottoming out around 3150 on the evening of the 3rd after a shocking upward move, and even breaking through the $3500 barrier by press time. According to CoinDesk’s data, by press time, ethereum was at $3423.78, up 9.48% in 24 hours, with a total market cap of $396.23 billion, once more than Walmart’s total market cap.

Cryptocurrencies diverge: Bitcoin goes sideways Dogcoin surges over 50% intraday

Dogcoin, on the other hand, had a rather eye-catching performance, starting its rally from near $0.4 on the evening of the 3rd, and once rose as high as near $0.6, with an intra-day gain of more than 50% at one point, but then retraced significantly. According to CoinDesk’s data, at press time, Dogcoin was last reported at $0.5233, up 28.97% in 24 hours, with a total market cap of $67.67 billion, surpassing Ripple and ranking fourth in cryptocurrency market cap.

Cryptocurrencies diverge: Bitcoin goes sideways Dogcoin surges over 50% intraday

There’s another hiccup in the mix: with today’s dogcoin boom, trading platform Robinhood has experienced another technical glitch. One user took to Twitter to complain, saying

Geez, Robinhood, I understand it’s a technical issue, but does it happen every time the market goes up? The cryptocurrency piece reported an error after dogcoin broke $0.60, come on.

In response to the divergent market for cryptocurrencies, cryptocurrency proponents were quoted in the media as saying that investors are turning their attention to non-bitcoin varieties including ethereum and other tokens, despite warnings of a stimulus-induced frenzy in the cryptocurrency industry.

Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno Pte, said in an interview

Given the development activity on the network, the market is realizing that ethereum is fundamentally undervalued. While some may think that Ether has risen quite a bit, it still has a long way to go compared to Bitcoin.

In terms of future targets, Ayyar believes that ethereum will reach $5,000 to $10,000 early next year, and some analysts even expect that it is possible for ethereum to reach $25,000 within the next few years.

It is worth noting that not only in terms of price, but Bitcoin’s market share has also been declining since the beginning of the year. According to CoinMarketCap, Bitcoin’s market share was 47.81% at 8:00 a.m. BST on the 3rd, and at the end of last month Bitcoin’s market share fell below 50% for the first time in two years. A Twitter user had previously stated.

Bitcoin’s market share is 51.6%, and when it drops below 50%, the magic begins.

Cryptocurrencies diverge: Bitcoin goes sideways Dogcoin surges over 50% intraday

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cryptocurrencies-diverge-bitcoin-goes-sideways-dogcoin-surges-over-50-intraday/
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