Cryptocurrencies Try to Stage a Move Up, Bitcoin Higher by 2.5%

blog-post-image

Created by TradeOr

3rd Party Analysis 03 Jun 2021

Key Takeaways

  • Crypto market turns positive on Wednesday, bitcoin trades 2.5% to the upside
  • Dogecoin up 35% for the week, nears $0.40 as Coinbase announced imminent listing

Cryptocurrencies Try to Stage a Move Up

Crypto land today is attempting to recover some of the losses accumulated during the spectacular crash that wiped off more than $500bn on May 19, the day that was dubbed the Black Wednesday of the crypto market. After bitcoin tumbled to a January low under the $30,000 mark, bitcoin supporters have been trying to renew the upside trend but momentum so far is lacking.

Currently, the price of bitcoin remains pinned above $37,000, the level around which the digital asset has been floating for the past week. Crypto bulls yesterday pushed the flagship cryptocurrency to a weekly high of $37,900, but soon after, the price pulled back and gave up the gains. Bitcoin ended Tuesday’s session in the red, down a little over 1%, to $36,200. Yesterday’s losses snapped a two-day winning streak.

Today, the biggest crypto token with a market value of $690bn is trading higher by 2.5% on the day, gyrating around $37,200 per coin. Ether, the second largest cryptocurrency is also higher today after going through a decline on Tuesday. The Ethereum token is presently trading around $2,670, up almost 4%. Total market capitalization of the crypto space this week marks an increase of over $80bn, or 5% to $1.65tn.

Dogecoin up 35% for the Week

Dogecoin, the meme-coin originally started as a joke, has been advancing significantly this week, relative to other major crypto assets. The Shiba Inu-themed cryptocurrency has surged 35% Monday-to-date, climbing from $0.29 to $0.40 as Coinbase announced it has listed the crypto asset on its platform and trading is expected to begin on Thursday.

Moreover, Tesla Chief Executive Elon Musk this morning tweeted an image of the Shiba Inu breed depicted in Dogecoin’s symbol. “Found this pic of me as a child,” the billionaire entrepreneur said in his tweet. Minutes after the Twitter post, Dogecoin’s price jumped 8%, or $6bn added, demonstrating Elon Musk’s power to move billions in the cryptocurrency market. Since the crypto market meltdown on May 19, Dogecoin has appreciated by roughly 90%. Ether is higher by 54%, while Bitcoin has added 24% for the same period.

Trade BTC with 0% commission with TradeOr!