Crypto jitters as market drops again, Dogecoin holds course on ‘Doge Day’ talk
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Cryptocurrency markets are down for another day, with Bitcoin dipping below $US55,000 and many altcoins falling by double-digits. Traders were bracing for the possibility a bigger decline might be still to come.
#Bitcoin is giving up most of its gains today after retesting $56,725 are resistance after yesterday breaking it as support. If a daily close below $55,025 occurs a move straight down to $51,075 likely. Watch as a break will drag #NDX down with it. #BTC pic.twitter.com/4X3kI8FFXi
— Crush The Market (@crushthemarket) April 19, 2021
Brisbane-based cryptocurrency trader PabloASXco₿ar told Stockhead that since 6pm AEST on Monday, the BTC market had swung down 5.85 per cent, bounced up 4.12 per cent and then retraced down again 3.89 per cent.
“All within 16hrs,” he wrote in a message.
“It’s a traders paradise at the moment given the volatility and it’s shown once again that using leverage is a fast way to lose it all.”
Dogecoin was one of a few coins in the green on April 20, which some fans of the meme coin are trying to dub “Doge Day” in association with cannabis counterculture.
— Sadia (@sadiaslayy) April 19, 2021
I might believe in dogecoin more than I believe in bitcoin now.
— Jebus (@jebus911) April 18, 2021
At noon Dogecoins were trading at US38.5c, up 20 per cent from 24 hours ago, and yesterday afternoon hit an all-time high of US41.8c.
It was listed as the No. 5 coin by market capitalisation on both Coinmarketcap and Coincap.io following its fivefold gains in the past seven days.
#dogecoin is the green boat in a sea of red right now
— Bitcoin is King (@Bitcoin_is_king) April 18, 2021
Stacks (STX), SwissBord (CHSB) and Klaytn were the only other coins in the top 100 on Coingecko in the green; 95 of the top 100 were in the red.
Sixty-three of the top 100 coins were down by double-digits, with IOST the worst-hit, falling 20.4 per cent.
Bitcoin was trading at $US54,313 ($70,282) at 12.30pm AEDT, down 4.6 per cent in the past 24 hours, while Ethereum was changing hands at $US2,074 ($2,700), down 7.9 per cent.
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