Dogecoin (DOGE) Explodes 8% Daily, Bitcoin (BTC) Eyes $68K (Market Watch)

Bitcoin Aims to Conquer $68,000 Resistance

Despite a brief surge above the $68,000 level, Bitcoin has not yet broken through this key threshold and currently hovers just beneath it. However, the dominant cryptocurrency continues to assert its market supremacy, as most altcoins have experienced slight losses in the past 24 hours.

BTC's Ascent Towards $68K

After recovering from last Thursday's dip below $59,000, Bitcoin embarked on a bullish offensive, gaining $4,000 by the weekend. The uptrend accelerated at the start of the week, culminating in a surge to $68,000 on Tuesday. However, a significant rejection sent BTC tumbling over $3,000 southward.

Undeterred, Bitcoin swiftly regained momentum, briefly touching the $68,000 mark on multiple occasions. This resurgence coincides with a surge in investment in Bitcoin spot ETFs, which have attracted billions of dollars in net inflows in recent days.

At the time of writing, BTC is trading close to $68,000, despite a slight retracement from this morning's local high. Its market capitalization exceeds $1.340 trillion, while its dominance over altcoins remains above 55% on CoinGecko.

DOGE Surges on Elon Musk's Renewed Support

After a period of relative quiet, Elon Musk reignited his public support for Dogecoin yesterday, triggering a rapid increase in the value of the popular meme coin. DOGE stands as one of the few altcoins experiencing significant gains today, having surged over 8%. It recently charted a new multi-month peak.

Altcoins Exhibit Mixed Performance

While Dogecoin and a few other altcoins have shown strength, the majority of the top 100 altcoins have posted modest losses. Binance Coin, Tron, Solana, Toncoin, Cardano, and Avalanche have all experienced slight declines. NEAR, SUI, and KAS have lost up to 4%.

The total crypto market capitalization has risen marginally over the past 24 hours and currently stands at $2.436 trillion on CoinGecko.