Market Musings

Bitcoin and Dogecoin Suffer as Altcoins Outperform — Cardano Up 22% in 24 Hours

Published on:
February 10, 2021

Elon Musk is tweeting about DOGE a lot less frequently than he was last week.

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It’s been an eventful week in the crypto world, with the total market cap reaching another record high of $1.42 trillion. 


But it wasn’t to last. Bitcoin took a rather unpleasant tumble on Wednesday — falling by more than 5% from $47,121 to $43,909 at one point. All of this suggests that the euphoria surrounding Tesla’s buy-in is wearing off.


Ether has now managed to hit record highs for three consecutive days, but the world’s second-largest cryptocurrency has retraced slightly after reaching $1,826. Other DeFi projects hosted on the Ethereum network have also seen double-digit spikes.


There were several clear winners in the altcoin markets. Cardano has jumped 22% to $0.83 as of 3pm London time on Wednesday, with Binance Coin surging 28% to $124.50. Earlier in the day, BNB broke records after touching $148. XRP has also gained 7% to near $0.50 — and at one point, Litecoin was just shy of the $200 mark.


Bitcoin’s market dominance has fallen from 68% to 61.5% over the past month — a powerful reminder that BTC isn’t the only crypto out there.


While altcoins enjoy gains, sellers appear to have capitalized on the Bitcoin bull market, pushing prices down. However, many analysts believe that any drop in the BTC will be short lived, with new highs of $52,000 being forecasted. 


One coin that’s been underperforming in the top 10 is Dogecoin, which down 3.3% to $0.075. Trading volumes have tumbled by 7.6% over the past 24 hours, potentially because Elon Musk is tweeting about DOGE a lot less frequently than he was last week.

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