As for the rest of the altcoins, the rises are up to 13% led by Dogecoin, Solana (+8%), Ripple and Binance Coin (+4.4%).
The total capitalization also shows an increase, up to US$928,000 million. All in all, the sentiment is one of skepticism about the fact that this upward movement implies the end of the correction and while some indicators point to the fact that the market floor has begun to form, others indicate that there is still room for the downside for the digital assets.
Investor confidence is in low hours due to the liquidity problems of several decentralized finance (DeFi) platforms, which in the case of Solend led the crypto lender to try a playpen and forcibly take over the account of a whale to save the project. For the moment, they have backed down due to strong criticism from the community, but this type of action sends the message that investments are not safe on the platforms.
For all of the above, Naeem Aslam, head of analysis at Avatrade for Bolsamanía, ensures that you should not trust that the price of bitcoin now respects $20,000. “The reality is that the bears are only gathering their momentum after pushing price down over 70% from its all-time high, and there could be another 10% more in play before we actually see price bottoming out. real”. Aslam believes that we are not there yet, and “the price of bitcoin is likely to move a bit lower as the true bottom is likely to be near the $15,000 to $13,000 price level.” “The crypto winter still has too many winter nights left,” he says, so there is a bear market “for a while.”
Dogecoin tops the rally
Elon Musk was denounced for promoting an alleged pyramid scheme by Dogecointhe cryptocurrency meme encouraged by the employer. The complaint was made by an investor named Keith Johnson, who says he lost money after investing in cryptocurrency and described himself as a “US citizen who got scammed.” Johnson requests that his complaint, filed in a New York court, be classified as a class action lawsuit on behalf of those who have suffered losses by investing in Dogecoin since 2019. Despite this, the businessman ratified his support for the currency and made a strong boost possible in the last two days.
This morning, Elon Musk reiterated his support for the cryptocurrency meme community at the World Economic Forum in Qatar. “I intend to personally support Dogecoin, because I know a lot of people who are not that rich who have encouraged me to buy and support Dogecoin, so I am responding to those people,” he said, in a video interview with the editor-in-chief. of Bloomberg News, John Micklethwait.
Musk stated in the interview that it was his own employees who asked him to defend Dogecoin, or in his words: “just people, when I walk through the SpaceX or Tesla factory, have asked me to support Dogecoin, so I I’m doing”. After this message, the cryptocurrency rises 13%.
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Source: Ambito
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