Dogecoin (DOGE) Explodes 8% Daily, Bitcoin (BTC) Eyes $68K (Market Watch)

Bitcoin tried to take down the $68,000 level with a brief increase above that level but has failed for now and sits just below it.

Nevertheless, its dominance over the market continues to rise as most altcoins have charted minor losses over the past day.

BTC Aims at $68K

After bouncing off from last Thursday’s dump below $59,000, the primary cryptocurrency went on the offensive hard and added four grand by the weekend. The bulls took full control at the start of the current business week, which led to a surge to $68,000 on Tuesday before a massive rejection pushed BTC south by over three grand.

However, that was short-lived and bitcoin started regaining traction almost immediately. This resulted in tapping $68,000 on a couple of occasions since then, which is the highest price tag the asset has seen since late July.

This comes amid a massive resurgance for the spot Bitcoin ETFs, which have seen over a billion in net inflows in the past several days.

Despite retracing slightly since the local peak from this morning, BTC is still close to $68,000. Its market cap is above $1.340 trillion, while its dominance over the alts is north of 55% on CG.

Bitcoin/Price/Chart 18.10.2024. Source: TradingView

DOGE on the Run

After months of silence, Elon Musk resumed his public Dogecoin support yesterday, which led to immediate gains for the largest meme coin. In fact, DOGE is among the few alts with notable increases today, having surged by over 8%. Earlier today, the asset charted a new multi-month peak.

POPCAT is the other top 100 alt with a massive surge of 11%. INJ (6.5%), MEW (6%), and FTN (6%) follow suit.

In contrast, Binance Coin, Tron, Solana, Toncoin, Cardano, and Avalanche have charted minor losses. NEAR, SUI, and KAS have declined by up to 4%.

The total crypto market cap has increased slightly daily and is up to $2.436 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto