Dogecoin rises even as Bitcoin, Ethereum fall

Major coins traded mixed on Monday night as uncertainty surrounding the regulatory landscape continued to grip the cryptocurrency market.

What happened: Bitcoin is still up 80% from where it stood at the start of 2023. This rise follows a tumultuous year, in which many prominent companies went bankrupt, causing risk-averse investors to turn away from cryptocurrency markets.

Dogecoin gained 1%, keeping the ground in the green amid the red zone of several other cryptocurrencies. The Dogecoin community is buzzing with excitement as the highly anticipated SpaceX “Starship” prepares for its grand launch.

At the time of writing, the global crypto market cap was $1.25 trillion, down over 1.51% in the last day.

US stocks got off to a positive start to the week as traders scrutinized the latest set of corporate earnings reports, seeking key insights into the overall state of corporate America. The S&P 500 posted a 0.33% gain, accompanied by a 0.28% gain in the Nasdaq Composite.

See more: Best Crypto Day Trading Strategies

News Highlights: Bittrexthe Seattle-based cryptocurrency exchange, has responded to a lawsuit filed by The Security and Exchange Commissionor the SEC, which accuses the exchange of acting as an unregistered securities exchange, broker and clearing agency.

Analyst Notes: Edward Moyasenior market analyst at OANDA, said: “Crypto is losing some appeal as the risk of a banking crisis appears to be disappearing. Fed lending to banks continues to ease and earnings have not revealed any major strains with the early banks reporting. Also dampening appeal for crypto, the rise is behind treasuries, dampening the appeal of most risky assets.It appears that the “one and done” calls for the Fed were a bit too optimistic, and the risk that the Fed will tighten too much will remain on the table “.

Moya added: “Bitcoin looks to consolidate here, possibly settling into a new area between the $26,500 and $31,000 region.”

According to cryptanalyst Michael Van de Poppe, Ethereum’s recent Shanghai upgrade that allows players to withdraw their coins may indicate the start of a new alt season.

“If we look at the Bitcoin dominance, we can say without a doubt that we have reached the decisive level of 50 (percent) … I thought maybe we can go a little higher, but then I realized that the Shanghai upgrade took place, which I did not include in the previous update. I believe that we are on the verge of having a correction on Bitcoin dominance. I believe that we are peaking here and it is going to result in a fall in the future period. Like the last time during The Ethereum merger, that was the bottom. Now it’s probably the top.”

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