Bitcoin Worth Reclaims $67K Whereas Meme Coin Battles Rage On

• Bitcoin has hit the $67,000 value degree and faces resistance at $70K-$79K.
• The closest assist for BTC stands on the $50K-$59K.
• Meme coin DOGE has witnessed a major drop in holders.

Bitcoin (BTC) reclaimed the $67,000 value degree and reached a every day excessive of $67,800. As of this writing, the world’s largest cryptocurrency by market capitalization is buying and selling at $67,295.47, up 3.10% prior to now 24 hours. In the meantime, meme cash are vying for dominance within the digital asset area, with Dogecoin (DOGE) and Shiba Inu (SHIB) surging 2.6% and 1.07% respectively, whereas different meme cash stayed within the purple. 

Based on an X (previously Twitter) submit by blockchain evaluation platform Santiment, there are elevated mentions of Bitcoin discovering a backside someplace between $50,000-$59,000 with a prime across the $70,000-$79,000 value ranges. At the moment, the Worry and Greed Index reads 58, indicating impartial sentiment.

To substantiate an uptrend, Bitcoin wants to interrupt above the resistance within the $70K-$79K value degree. The present all-time excessive for the main digital asset is $73,750, reached in March.

Santiment additionally highlighted in its X submit that Bitcoin and the broader crypto market largely transfer “the wrong way of the best way the vast majority of the gang is predicting,” and it suggested buyers to “suppose independently, and keep away from the ‘crowd suppose’ traps.” This is named inverse correlation and is a key issue contributing to the unpredictable nature of the digital asset market.

Meme Cash: What’s Subsequent?

Main meme cash SHIB and DOGE are buying and selling at $0.00001828 and $0.1188, respectively. Prior to now seven days, DOGE surged 8.62% and SHIB rose 2.32%. Nonetheless, buyers are nonetheless not happy with the efficiency of those cryptocurrencies as a result of different meme cash like Pepe (PEPE) have seen stronger good points.

Learn additionally: Memecoin Rally: BOME, MEW, BONK, FLOKI, POPCAT Achieve Worth

Santiment information exhibits that the variety of Dogecoin holders has been steadily declining. Since October eighth, there was a web drop of -106.6K non-empty DOGE wallets. The blockchain evaluation platform defined how merchants have expressed frustration with the most important meme coin’s efficiency “and have been more and more wanting elsewhere for fast pumps.”

In the meantime, PEPE has crashed 2.77% prior to now 24 hours and is buying and selling at $0.00001031. The meme coin is buying and selling at a 39.79% low cost to its all-time excessive and it appears that evidently the demand for the altcoin is declining.