Dogecoin Explodes 110% Weekly, Bitcoin Maintains $20K: Weekend Watch

Bitcoin was again stopped at $21,000 but has held above the coveted $20,000 line.

Dogecoin continues to steal the show ever since Elon Musk’s acquisition of Twitter became official, increasing by triple digits on a weekly basis.

It’s Dogecoin’s show

It’s safe to say that the original memecoin is this week’s top performer. Until Wednesday, Dogecoin was struggling around $0.07, along with the rest of the market. However, the landscape began to change later this week when reports began to emerge that Elon Musk is holding back on the acquisition of Twitter.

Given the history between the billionaire and the memecoin, the latter’s price reacted with an immediate increase. This led to a multi-month high of $0.1 recorded yesterday. Still, DOGE continued to climb over the following hours, shedding $0.15 earlier today – for the first time since May.

Despite retreating to $0.125 as of now, the asset is still up 15% daily and more than 110 weekly.

The rest of altcoins are much calmer, even with smaller losses. Such are the cases of Ethereum, Ripple, Solana, MATIC, Polkadot, Shiba Inu, Tron and Avalanche.

Still, the cumulative market capitalization of all cryptoassets has remained well above $1.1 trillion, given the boost provided by Dogecoin’s gains.

Bitcoin declined to $21K

The primary cryptocurrency has also been in flux in recent days, albeit in a more modest way than DOGE. It jumped to and beyond $20,000 on Tuesday and hasn’t looked back since. The only decline towards that level came after the ECB announced the latest rate hike, which pushed BTC south from $21,000 to just over $20,000.

However, the bulls managed to maintain that level and started a new leg hours later. This resulted in a short above $21,000 and charted a new 6-week high.

However, like the previous attempt, this failed and bitcoin has since retreated by a few hundred dollars. As of now, it is trading at around $20,500. Its market cap is close to $400 billion, but its dominance over the alts has taken a small hit and is below 39%.