Crypto Daily: Bitcoin sentiment cools, Dogecoin surges on Elon Musk nod
Proactive Investors
Published Jul 25, 2023 17:46
Updated Jul 25, 2023 18:00
Crypto Daily: Bitcoin sentiment cools, Dogecoin surges on Elon Musk nod
Bitcoin (BTC) put in its worst performance in 10 days on Monday, with the BTC/USDT pair getting smashed by 3% to close at its lowest point in nearly four weeks.
The pair went as far south as US$28,850, though some late-afternoon support managed to bring bitcoin back above US$29,150 by the midnight bell.
Bitcoin sentiment has cooled off in the past week, with the Bitcoin Fear & Greed Index flipping back to neutral from bullish as of this morning, while bitcoin dominance dipped below 50% once again.
Concurrently, the US dollar has been on a rip in anticipation of Wednesday’s interest rate decision from the US Federal Reserve, with the US Dollar Index (DXY) adding around 1.2% in the past week.
At the time of writing, BTC/USDT was skirting close to US$29,100, with resistance pitched at US$29,500.
Sellers send bitcoin lower – Source: currency.com
Ethereum (ETH) also went bearish on Monday, dipping 2% to US$1,850 where it has remained this morning.
A Dogecoin (DOGE) rally is contributing to bitcoin’s fall in market dominance, with the meme coin rallying close to 12% week on week.
DOGE’s market capitalisation has surged to a 10-week high of US$10.8bn after Twitter head Elon Musk gave a wry nod to the meme coin by adding the Dogecoin ticker symbol (Ð) to his Twitter bio.
DOGE often rallies on the back of a seeming endorsement from Musk, who has professed his love of the Shiba Inu-themed token numerous times in the past.
Elsewhere in the altcoin space, Tron (TRX) has pulled ahead of the market with a 1.8% week-on-week gain, while Stellar (XLM) and Filecoin (FIL) are among the top mid-cap risers.
Global cryptocurrency market capitalisation concurrently stands at US$1.17tn, having dipped 1.8% overnight.
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