DOGE, WIF Come out as Today’s Top Performers, BTC Targets $70K (Weekend Analysis)
The current weekend has proven to be a highly profitable one for Bitcoin as it continuously soars, reaching a 5-day peak just below $70,000. Altcoins are also experiencing slight gains, with ETH closing in on $3,400 and BNB nearing $600.
BTC’s Aim for $70K
Last weekend showcased a positive scenario for BTC as it mainly hovered around $70,000 and even briefly surpassed $71,000 on Sunday evening. Unfortunately, the bears entered the scene, driving Bitcoin’s price down significantly.
This led to a drop to $68,500 on Monday and an even more severe decline to below $66,000 on Tuesday. The bears continued to apply pressure, causing BTC to reach a ten-day low of under $64,500 by Wednesday.
However, the bulls finally made a move, initiating an impressive rally that briefly pushed BTC above $69,000. Nonetheless, another rejection followed, resulting in the cryptocurrency falling to $66,000 on Friday.
Fortunately, this weekend has been more positive, with Bitcoin gradually recovering ground and stabilizing around the $67,000-$68,000 mark. Moreover, the cryptocurrency experienced a spike today, reaching as high as $69,800, likely due to increased whale activity.
Bitcoin’s market cap currently stands at $1.365 trillion on CoinGecko, with its dominance over altcoins stagnating at 50.3%.
WIF and DOGE Leading the Way
Among the larger-cap altcoins, Dogecoin (DOGE) and dogwifhat (WIF) have emerged as the top performers. DOGE has surged by almost 9% in just one day, approaching $0.2. It is worth noting that many analysts have predicted that DOGE will skyrocket to $1 during this bull cycle.
On the other hand, WIF has experienced an incredible 12% surge in one day, reaching $3.7. MNT has taken a similar trajectory with a 6% increase, propelling it to $1.4.
Other larger-cap altcoins have also witnessed modest gains, with ETH, BNB, SOL, XRP, ADA, and TON all recording around a 1-2% increase in a day. Avax (4.4%), SHIB (3.5%), and UNI (3%) have additionally contributed to the overall gains.
The total cryptocurrency market cap has successfully exceeded the $2.7 trillion level once again, thanks to a $40 billion increase within a day.