Bitcoin Holds Steady; Dogecoin Leads Slide in Major Cryptocurrencies as Traders Lock In Gains

Shaurya Malwa
Shaurya Malwa

16 Mar 2023 11:03 AM

The market saw higher-than-usual volatility this week following the collapse of crypto-friendly banks over the weekend....

  • Major crypto tokens slid as traders sold holdings to lock in the past few days' gains.
  • Dogecoin (DOGE) and Polygon’s MATIC led losses with declines of more than 8%.
  • Bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies, stabilized at support levels, with bitcoin trading at just over $24,500 and ether little changed about $1,650.
  • XRP and cardano (ADA) dropped 4%, while shiba inu (SHIB) fell as much as 12% after drama surrounding the code of its forthcoming blockchain on Thursday morning.
  • BNB Coin (BNB) gained after decentralized exchange Uniswap expanded to the network.
  • Analysts at crypto exchange Bitfinex said indicators tracking wallet data show that while a long-term bullish trend remained intact, a shorter-term view describes the latter stages of a bear market.
  • Cryptocurrencies saw higher-than-usual volatility this week after investors brushed off the long-term effects of a regulatory clampdown on crypto-friendly banks and U.S. consumer price index (CPI) data pointed to slowing inflation in the coming months.

The article reports on a recent decline in major crypto tokens, with some experiencing significant losses. However, it also notes that Bitcoin and Ether stabilized at support levels. The article also includes insights from analysts at Bitfinex, who suggest that while the market is currently in the latter stages of a bear market, long-term indicators still indicate strength in the crypto market. Overall, the sentiment of the article is neutral to slightly negative due to the recent decline in crypto tokens.

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