“Embrace the rollercoaster ride of crypto markets – Bitcoin and Ethereum may be muted, but Dogecoin’s memecoin frenzy reminds us to stay calm and focused amidst market corrections.”
Bitcoin and Ethereum experienced a decline in trading on Thursday evening, while Dogecoin saw a spike. The global cryptocurrency market cap also dropped by 0.3% to $1.3 trillion.
Bitcoin was down nearly 2% during the day, hovering just above the $34,000 mark. This pause in the recent crypto rally contributed to the decrease.
In terms of gains, memecoins continued to show upward momentum. Floki (FLOKI), a meme coin inspired by Elon Musk’s Shiba Inu dog, saw the highest increase of the day, jumping as much as 31% in a 24-hour period. Both Dogecoin and Shiba Inu (SHIB) also experienced positive growth.
On the macroeconomic front, the US economy exhibited strong growth, with the GDP rising at an annualized rate of 4.9% in the third quarter, surpassing expectations of 4.3% growth. However, the number of Americans applying for jobless benefits increased by 10,000 in the previous week, indicating potential weakening in the labor market.
Cryptocurrency trader Michaël van de Poppe reassured followers that market corrections are normal and urged them not to panic. He noted that Bitcoin was facing resistance at the $34,700 mark, and a breakout could lead to levels between $37,000 and $38,000.
Market intelligence platform Santiment highlighted that certain assets, including Ethereum, Cardano (ADA), and Stellar (XLM), have been performing well but have not received as much attention as other cryptocurrencies.
Overall, the cryptocurrency market experienced fluctuations, with some coins seeing declines while others remained resilient. It’s important for investors to stay informed and navigate these corrections with a strategic approach.