Dogecoin drops the most: Crypto markets weaken despite Bitcoin strength

Dogecoin Falls the Most – Crypto Markets Weaken Despite Bitcoin’s Strength

There seems to have been a major shake-up in the crypto market over the weekend and at the start of the week. While Bitcoin traded almost uninfluenced by good news holding its own, other cryptocurrencies didn’t fare so well. In particular, Dogecoin (DOGE) is showing noticeable losses.

Bitcoin celebrated its 15th birthday yesterday and sees itself largely unchallenged at around $34,000 – which represents an annual high. But Bitcoin’s continued success cannot hide the fact that the altcoin market is suffering. Almost 4 percent minus over the week is being reported by CoinGecko, which means a broad market average trending downward. Ethereum (ETH) as the number two quotes around $1,760 and is thus creeping away from the mark of $2,000 which it had already achieved several times in 2023.

Dogecoin: A “Halloween Massacre” of 8 Percent Minus

Of particular note in the overall picture is the poor performance of Dogecoin. DOGE lost around 8 percent in the last 24 hours alone and was trading at around $0.064 this morning and the trend currently remains downward. This puts DOGE in the red by over 12 percent over a seven-day trend as well.

Dogecoin is thus one of the absolute losers of the past few days among major altcoins. Comments from various analysts point to one reason for the DOGE losses. Namely, the manager of a large DOGE wallet moved tokens worth $228 million over the weekend. The sale of these Dogecoin holdings naturally raises suspicions about insider information, and a major sale was partially verifiable, even if motives are unconfirmed.

Altcoin Market – When Will the Tide Turn in This Price Cycle?

Dogecoin is of course just an individual example but a rough indicator of the current downward trend in the altcoin market. The large-cap cryptocurrencies are showing no strength, and whether Solana (SOL), Polygon (MATIC), Ripple (XRP), or Shiba Inu (SHIB), they are all posting noticeable price losses. The current question facing investors is whether the current cycle will be repeated and altcoins will form a seasonal low in November or December.

Waiting for the next big excitement around altcoins and hypes could currently lead to a price rejuvenation as early as the first quarter of 2024. However, it remains too early to bet on this warming up. A Bitcoin spot ETF in the U.S., strongly rumored soon, could change the momentum again.

In summary, the weekend might have been a wake-up call for altcoins. While bitcoin is holding its own as the market leader, other cryptocurrencies are experiencing a price dip. The altcoin market seems trapped in a bearish cycle for some time now, and it remains to be seen when the tide will turn again.