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Highlights
- Bitcoin rebounds after El Salvador Buys the Dip
- SHIB falls 8% overnight as Dogecoin reaches two month high.
- New altcoin Squid Game jumps 2000% overnight.
Starting with Bitcoin, which has rebounded 3.23 percent in the past 24 rising back above US$60,000 dollars.
One of the primary reasons for Bitcoin’s price rebound overnight was likely El Salvadorian President Nayib Bukele’s announcement that his government had “bought the dip,” adding an additional 420 Bitcoin to the treasury, the equivalent of around twenty-five million US dollars. Bitcoin’s price has corrected over the past few days after failing to sustain the all-time high around just under sixty seven thousand US dollars last week.
A full US$3.1 billion of Bitcoin options are set to mature on Friday, which could be a source of volatility. Currently, the top volume contracts have been around the $60,000 strike price, with bullish calls outweighing bearish puts.
Ether Moves Up
Ether – the world’s second-largest cryptocurrency, returned above US$4,000 dollars on Thursday, rising around 6 percent over the past 24 hours, extending its outperformance versus BTC.
Altcoin News
Two of the most popular meme coins are competing for the ninth spot on the crypto rankings with Dogecoin hitting a two-month high of thirty US cents and Shiba Inu lagging overnight dropping just over 8 percent in the past 24 hours.
Shiba’s drop comes after months of consistent growth for the memecoin.
Winners and Losers
Winners in the altcoin market –
- Dogecoin was the number one gainer in the past 24 hours skyrocketing 23 percent. The spike takes Dogecoin to US$0.30.
- Another big winner today is Decentraland which climbed an impressive 18.43 percent overnight to hit around US$0.91.
- Decentraland is the seventy-third ranked crypto and defines itself as a virtual reality platform which allows users to create, experience, and monetise content and applications.
And moving onto the biggest losers in the past 24 –
- After bucking the overall downward trend of the market in the past week or so, Shiba Inu dropped 8.5 percent.
- 55th ranked crypto, Waves, has dropped around 4.5 percent making it the second biggest loser in the past 24 hours. Waves, which is a multi-purpose blockchain supporting various decentralised applications and smart contracts, fell overnight to its current price of US$27.70.
Finally
Moving outside the top ranked cryptos, a new altcoin by the name of Squid Game has jumped almost 2000 percent in the past 24 hours.
The new altcoin, which just hit the market on Tuesday and is currently ranked number 2832, is inspired by the Korean Netflix survival drama by the same name. In the nine part series, debt-ridden characters compete in deadly games for a big cash prize.
Squid Game entered the market on Tuesday valued at around one cent and is currently valued at US$2.27.
Although Squid Game has a reported market cap of US$1.78 million, investors should be cautious about new memecoins which experience significant spikes.
