Elon Musk Pumps Dogecoin, BTC Remains Asleep: Saturday Market Watch

Although the Twitter hack had some delayed effects on Bitcoin, the downward move was quickly disbanded, and BTC remained relatively calm.

The altcoin market is again showing signs of volatility with numerous examples of double-digit gainers and losers, including Elon Musk’s favorite Dogecoin.

Bitcoin Chills On Friday

The largest cryptocurrency by market cap has been stalled in a tight range from $9,000 to $9,300 for over a week now. The events that transpired a few days ago, namely the infamous Twitter hack in which unknown perpetrators gained control over many high-profile accounts to offer a fake Bitcoin giveaway, brought expectations that BTC would react to its involvement.

However, the situation appears quite differently, as the asset refuses to head in either direction decisively. One short movement downwards to $9,050 was followed by another one reaching $9,180. Ultimately, though, Bitcoin remains in its comfort zone, trading now at $9,140.

BTCUSD 5m. Source: TradingView

From the technical side, the price settling above the support level of $9,100 implies that BTC will continue moving sideways over the entire weekend. If $9,100 doesn’t hold, then the psychological level of $9,000 will become Bitcoin’s first line of defense.

Alternatively, $9,300 is the first notable resistance BTC has to conquer if it’s to push further towards $9,600 and $9,800. However, the continuously decreasing trading volume suggests a bearish short-term future.

During yesterday’s lack of major movements, Bitcoin had company from the three most popular US stock market indexes. The S&P 500, Nasdaq, and the Dow Jones showed little-to-no action, remaining at almost the same levels during the entire trading session.

Double-Digit Altcoins

The altcoin market, on the other hand, performs differently lately. Chainlink is finally retracing by 5% towards $7,90. The move comes after several consecutive days in the green, where LINK reached a new all-time high of $8,90.

However, two coins have charted more significant losses during the past 24 hours. Those are Elrond (-11.35%) and Flexacoin (-20%). FXC has been fluctuating massively lately, from a low of $0,002 to a high of $0,0048.

And while two coins indicate double-digit losses, the gainers are substantially more. ABBC Coin heads the race at the time of this writing with a surge of 32%, Digitex Futures and iExec RLC are close with 31%, and 30%, respectively. Swipe, following its recent strategic partnership with Binance, is up by 22% today and has entered the top 100 coins by market cap.

Interestingly, Tesla CEO Elon Musk tweeted about his “favorite coin” Dogecoin earlier today.

Musk’s ironic yet funny and witty picture of Dogecoin overtaking the global financial system received massive engagement.

Somewhat expectedly, the asset price spiked almost immediately. Although it has retraced from its daily highs, DOGE is still up by 14% now.

DOGEUSD 30m. Source: TradingView
DOGEUSD 30m. Source: TradingView

Other impressive gainers include Terra (11.65%), Loopring (11%), and Reserve Rights (10.8%).


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Cryptocurrency charts by TradingView.