Dogecoin Surges as Bitcoin Nears All-Time High
CITY — May 18, 2024 —
In a flurry of trading, the cryptocurrency market sees gains, with Dogecoin (DOGE) leading the charge, while bitcoin nears it’s record value. Dogecoin is up significantly, reaching its highest price in two months, boosted by positive market sentiment.Open interest in Dogecoin is also up. For more details, read on.
Dogecoin Surges as Bitcoin Nears All-Time High
Market Overview
The cryptocurrency market is experiencing a wave of positive momentum, with Dogecoin (DOGE) leading the charge among meme coins. Bitcoin (BTC) is also showing strength, inching closer to its all-time high.
- Dogecoin is up 9% on the day and 27% this week, reaching its highest price in two months.
- Bitcoin’s surge back above $100,000 may be fueling broader rising market sentiment.
- Bitcoin is just 5% down from its all-time high mark, while Ethereum is this week’s biggest gainer among top coins.
Dogecoin’s Recent Performance
Dogecoin has seen a significant price increase, reaching nearly $0.23 early Saturday. This surge marks the highest price recorded for Dogecoin since March 2, according to CoinGecko data. Over the past week,DOGE has jumped nearly 27% to a current price of $0.225, including a 9% rise in the last day alone.
While these gains are noteworthy, it’s important to remember that Dogecoin’s all-time high was $0.73 in 2021. Open interest peaked at $5.5 billion this January but had fallen as low as $1.3 billion in recent weeks as the price dipped.
Broader Market Trends
Dogecoin isn’t the only meme coin experiencing gains. Other meme coins like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) have seen even more ample increases this week.
Among the highest-value cryptocurrencies, Ethereum (ETH) has outperformed Dogecoin in weekly gains, with a massive 32% rise over the last seven days. This surge is attributed to the accomplished Pectra network upgrade and broader market sentiment swings.Ethereum is currently priced at $2,409.
Bitcoin’s Resurgence
Bitcoin remains a key focus for traders.The leading cryptocurrency by market cap retook a $100,000 price earlier this week and neared touching $104,000 on Friday. As of this writing, Bitcoin is priced at $103,700—down a mere 5% from its all-time high mark of $108,786 set back in January on President Trump’s inauguration day.
Bitcoin remains a key focus for traders, of course, with the leading cryptocurrency by market cap
retaking a $100,000 priceearlier this week and nearing touching $104,000 on Friday.
Daily crypto market liquidations topped $1.1 billion as of Friday morning, thanks to the market upswing, with Ethereum responsible for most of the damage—and short traders feeling the most pain.
