Bitcoin stumbles – Dogecoin pumps

Profit-taking and panic selling pause the record frenzy of recent weeks. Almost all coins have to struggle with significant losses – all except Dogecoin.

The all-time high party is over, the overall market has shrunk by over 200 billion US dollars since the crash of the Bitcoin hash rate, including the massive liquidation of long positions. On a day-to-day basis, total market capitalization slipped a further 6.4 percent and remained just above the 2 trillion US dollar mark. Bitcoin is also still defending its key brand, but has also lost significant ground. Bitcoin capitalization is only 15 billion US dollars above the trillion mark. At press time, the BTC rate is falling 5 percent to $ 54,524.

The situation does not look any better for altcoins. With the exception of Dogecoin, all top 10 coins are turning into the red. Ethereum (ETH) falls 5.1 percent to $ 2,130. Ether is now 400 US dollars away from its all-time high. No. 3, Binance Coin (BNB), lost 4.4 percentage points on a daily basis and as much as 15.7 percent on a weekly basis. XRP, Polkadot (DOT) and Bitcoin Cash (BCH) are taking price discounts in the double-digit percentage range on a daily basis. Cardano (ADA) and Litecoin (LTC) each fall 8.8 percent.

Only one person does not allow himself to be diverted from the course. Dogecoin is doing what it has been doing for the past few weeks and is plowing its way into the top coin ranking. 22 percent in the last 24 hours: Doge investors are far from being rally tired. In the last seven days alone, DOGE has increased by 487 percent. After Dogecoin has already left Bitcoin Cash, Litecoin, Polkadot, Cardano and Thether behind, the air for (still) number 4 is also getting thinner. XRP’s market cap is just $ 5 billion above Dogecoin.

Bitcoin is fighting for a trillion mark

Market capitalization was barely able to hold above the symbolic 1 trillion mark on Sunday when Bitcoin temporarily fell to 53,500. In order to cushion a general downtrend, it is important that Bitcoin defends this threshold despite profit-taking.

The current one Week on Chain Report According to von Glassnode, however, 14.32 percent of the BTC in circulation has since moved above the critical level. A good signal. This on-chain volume cluster provides “strong support” for the trillion mark.

The Bitcoin hash rate is also still badly affected by the turbulent events over the weekend. With currently 113 EH / s, the computing power is back at the level of November 2020. Since the record value of 197 EH / s, the hash rate has fallen by 42 percent.

As dramatic as the slump may seem, it should only be a snapshot. The hash rate has risen for months, and the large mining farms are currently aggressively upgrading their ASIC stocks. But the hash rate kink shows one thing: the more the hash rate is bundled in regional nodes, the more vulnerable it is.