Dogecoin price rises as other major crypto tokens also increase in value, Bitcoin holds steady at $112K.
The price of Dogecoin surged as major cryptocurrencies experienced slight gains, with Bitcoin remaining stable at $112,000 leading up to the release of US inflation data. Market volatility continued, keeping investors cautious as they awaited the key economic information due to be released later in the week.
Bitcoin saw a modest increase of 0.6% in the last 24 hours. Online sentiment on Stocktwits indicated a bearish perspective among retail investors regarding Bitcoin, which currently sits about 10% below its recent peak of over $124,000. Ethereum, the second-largest cryptocurrency by market capitalization, also recorded a marginal rise of 0.5%, trading around $4,350. However, sentiment among retail investors was even more negative for Ethereum than for Bitcoin, trending in the ‘extremely bearish’ zone over the past day.
Despite the overall cautiousness in the market, Cardano showed the most significant gains among major altcoins, closely followed by Dogecoin. Cardano’s price increased by approximately 3.5%, while Dogecoin experienced a gain of 2.9%. While sentiment on Cardano remained bearish, retail investor sentiment around Dogecoin shifted from neutral to bullish in just a day, with a noticeable rise in overall discussion levels. Ripple’s XRP token also rose by 1.9%, and Solana saw a 1.2% increase in its price.
A positive development for institutional adoption of cryptocurrencies emerged with news that Nasdaq had entered into a strategic partnership with Gemini, the crypto exchange founded by the Winklevoss twins. This collaboration aimed to utilize Gemini’s custody and staking services. Nasdaq recently filed with the Securities and Exchange Commission (SEC) to allow tokenized stock trading on its platform. Additionally, reports indicated that Nasdaq was set to purchase $50 million in Gemini’s shares as part of Gemini’s upcoming IPO, which is anticipated to raise up to $317 million.
The broader cryptocurrency market witnessed an overall increase of 1.1% over the previous 24 hours, surpassing the $4 trillion mark. Liquidations in crypto futures markets amounted to approximately $330 million during this period, with long liquidations totaling around $129 million and short bets reaching $200 million. Digital asset treasury (DAT) stocks experienced cautious gains in pre-market trading, with companies such as Michael Saylor-backed MicroStrategy, Bitmine Immersive Technologies, and Bitcoin miners like Marathon Holdings and Riot Blockchain all seeing positive movement in their stock prices.
Despite the lingering uncertainty in the market, the recent price movements and strategic partnerships within the crypto space suggest potential growth and maturation for the sector. As investors await the release of crucial economic data, the performance of major cryptocurrencies, including Bitcoin, Ethereum, and altcoins like Cardano and Dogecoin, will likely continue to attract attention from traders and analysts alike.
