Troubled Bitcoin Market Hedges $156 Million on a Joke Cryptocurrency
The knock was loud, the breaking of the door, louder. The bulls of the bitcoin market broke into a joke shop, which was lying deserted for the last three months, with $156 million worth of digital money.
In other news, the price of Dogecoin (DOGE) experienced a double-digit percentage gain on Friday to reclaim a nine-month high. The meme cryptocurrency established an intraday high of $0.00499, up more than 60 percent from the market open today. The move upside pushed the Dogecoin market capitalization from $382.74 million to as high as $537.42 million. At its highest, the cap was $1.67 billion.
The Dogecoin pairs across the cryptocurrency exchanges reported a 24-hour adjusted volume of $143.343 million, data on Messari.io showed. On a “Real 10” scale, a metric that removes fake trading volume, the DOGE-enabled instruments noted a mere $36.724 million worth of trading activity in the previous 24 hours.
Binance Integration, Bitcoin Intraday Weakness
The latest upside push in Dogecoin borrowed bullish sentiments from Binance, the world’s largest cryptocurrency exchange by volume. The Malta-based firm announce
d today that it would open trading for five DOGE pairs on its platform, marking the cryptocurrency’s first foray into the global cryptocurrency platform.
#Binance Will Dogecoin ( $DOGE)https://t.co/buj7QF3dGC pic.twitter.com/LNIoLua3l7
— Binance (@binance) July 5, 2019
“Users can now start depositing DOGE in preparation for trading,” Binance stated.
The listing appears to have worked wonderfully for a cryptocurrency, which, in the past three months, was away from the limelight as bitcoin mousetrapped a more substantial portion of the crypto market. That showed in the intraday performance of DOGE/BTC. The pair appreciated by as much as 56 percent on Friday — right after the Binance made the listing announcement — to close above the May 19 high of 44 sats.
As of 14:10 UTC, the Dogecoin-to-bitcoin exchange rate was 35 sats. Earlier in London morning, the pair underwent a significant downside correction from the local top of 44 sats, which hinted traders (or bulls) exiting the market (or joke shop) for a long-term bullish bitcoin. The market cap simultaneously followed with a drop to $467.28 million.
On a technical front, the Dogecoin just came down upon testing the upper trendline of what appears like a Falling Wedge (it is a bullish pattern). Most likely, the joke coin would retest the trendline again while hoping for a breakout towards the next resistance, which is near the 48 sats level.
Meanwhile, such bulls, much wow, anyway.