Dogecoin Jumps 9%, Fantom Explodes 15% (Market Watch)
Bitcoin dipped to $16,000 yesterday for the first time in about a week but bounced off and recovered a few hundred dollars.
Some altcoins have outperformed BTC, though, including Dogecoin, Litecoin, and Fantom.
Bitcoin Touched $16K
Last week saw a violent price drop from bitcoin that drove it from $16,500 to a two-year low of $15,500 in a few days. The bulls intercepted this decline and pushed BTC north. The asset jumped above $16,000, and even tried to challenge $17,000 by the end of the working week but to no avail.
The weekend came with a familiar lack of volatility. Similar to the previous one, bitcoin calmed and stood around $16,500 for almost all of it.
The situation changed on Monday when the cryptocurrency dipped toward $16,000 and eventually touched that round-numbered line as reports claimed that minors are close to capitulating.
BTC reacted well at this point, though, and bounced off to its current level of approximately $16,500. This came amid on-chain analysis suggesting that smaller bitcoin investors had accumulated massive portions following the FTX saga.
FTM, DOGE, LTC Stand Out
The alternative coins went through some notable price drops yesterday, especially Solana, Binance Coin, and Litecoin. The landscape now, though, seems quite different.
After dropping by 6% 24 hours ago, LTC has jumped by 6.6% now and trades above $75. Recall that the asset charted a six-month peak last week.
BNB has reclaimed $300 following a 3% increase on the day. Ripple, Cardano, Polygon, Polkadot, Shiba Inu, OKB, and Solana are also slightly in the green from the larger-cap alts.
Dogecoin is the best performer from the top 10. DOGE is up by 8.5% and sits above $0.1.
Fantom’s native token has soared the most from the top 100. FTM has added approximately 15% of value in a day and trades north of $0.2.
The crypto market cap has regained $15 billion since yesterday and stands at $835 billion now.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.