Dogecoin Madness and EOS Skyrockets 30%: The Daily Market Watch

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Bitcoin tried its hand at tapping $24,500 but took a sudden turn that pushed it south by almost $1,000.

More 24-hour scale volatility came from Dogecoin. EOS, on the other hand, has skyrocketed by nearly 30% in the same timeframe.

DOGE Volatile, EOS Soars

The altcoins traded calmly yesterday, but several went on a volatile roller-coaster. Dogecoin is a prime example. The OG memecoin jumped from under $0.8 to a multi-week high at $0.92 in a matter of hours (on Binance). Then, it retraced just as sharply and now stands below $0.85.

EOS is the best performer from the mid-cap alts. The asset has skyrocketed by nearly 30% in a day. As a result, it soared above $1.6, which became a 3-month high.

Looking at a 24-hour scale, most larger-cap alts sit stagnant as well. Aside from a few brief fluctuations, ETH, BNB, ADA, XRP, and SOL have all remained at essentially the same price they were yesterday.

Shiba Inu, Avalanche, and MATIC, on the other hand, have marked insignificant declines.

Tezos is another impressive performer as XTZ is up by over 8% in a day and sits close to $2.

The crypto market cap also stands still now at $1.150 trillion after getting rejected at $1.2 trillion a few days back.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

According to Chainalysis, crypto-related crimes have taken a sharp decline in the past several months due to the decreasing market prices.

The SEC went after another crypto project – Dragonchain – for allegedly selling unregistered securities.

Coinbase said it will stop ETH deposits and withdrawals during the Merge, which should take place in the next month or so.

Bitcoin Drops Below $24K

The price of the primary cryptocurrency jumped during the weekend to a new two-month high above $25,200. This came after a previous push to $25,000, but both resulted in sharp rejections.

After the second, BTC found itself slipping below $24,000 after a $1,000 price dump. It spent most of the next few days there but initiated a leg up in the past 24 hours.

The bulls drove it to an intraday high of just under $24,500. However, another sharp price drop followed, and bitcoin slumped beneath $24,000 once more, where it’s currently located.

Its market cap remains above $450 billion, but the dominance over the alts is down to a multi-month low beneath 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

By outlining several on-chain metrics, including the behavior of short-time holders, Glassnode suggested that BTC’s capitulation event had already taken place.

South Korean authorities went after local banks for participating in Bitcoin trading and kimchi premium worth over $6.5 billion.

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Cryptocurrency charts by TradingView.

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