Dogecoin is going against the trend and increasing in value while other cryptocurrencies are falling due to investors being cautious and fears around potential regulatory actions.
Most major cryptocurrencies, including Bitcoin and Ethereum, fell on Tuesday morning in Asia, as investors took a risk-averse approach. This was due to speculation that the US regulator will appeal a decision in the Ripple court case and the view that the recent price gain on hopes for approval of a Bitcoin exchange-traded fund got ahead of itself. The Federal Reserve’s announcement of its interest rate decision on Wednesday, which is expected to include a hike, further added to investor caution. In addition, gloomy news around China’s economy did not help improve sentiment.
However, one cryptocurrency that managed to buck the trend was Dogecoin. The meme token gained in value after Twitter owner Elon Musk integrated its symbol into his Twitter bio on Monday as he rebrands the social media platform into “X”. This move by Musk raised speculation that Dogecoin will be integrated into the rebranded social media platform.
Apart from Dogecoin, all other top 10 non-stablecoin cryptocurrencies logged losses, with Solana’s SOL leading the decliners with a 5.31% drop to US$23.46. It has slumped 12.78% over the past seven days. Bitcoin fell 2.92% over the last 24 hours to US$29,182, while Ether dropped 1.98% to US$1,849.
Despite the short-term cautious attitude of investors, there are signs of longer-term optimism. Investors are buying digital assets and holding onto them for a long period, looking for a price increase in the long run.
Meanwhile, the total crypto market cap fell 2.48% in the past 24 hours to US$1.17 trillion, while trading volume rose 40.26% to US$35.5 billion.
In other news, the main Forkast 500 NFT index dipped 0.15% in the past 24 hours to 2,667.46. Total NFT trading volume fell 4.49% in the past 24 hours to US$17.16 million, while the Bored Ape Yacht Club topped the 24-hour trading volume.
Source: forkast
