Bitcoin (BTC) ended Monday 1.3% lower at a flat US$27,800, marking the third day of straight losses, although this Tuesday has seen a bit of a rebound, with the BTC/USDT pair adding 0.7% to US$28,000.
Ethereum (ETH) had a better Monday session compared to bitcoin, adding 0.9% to close at US$1,810, while adding another 0.2% to US$1,815 this morning.
Bitcoin (BTC) is up 70% year to date – Source: currency.com
As such, ETH/BTC is in a strong position after closing Monday 2.25% higher. In fact, ETH/BTC has seen a levelling out in the past two weeks after significant declines in early-to-mid March.
This suggests some renewed interest in the altcoin space after a large-scale surge of bitcoin-only sentiment amid a safe-haven rally in response to turmoil in the traditional finance sector.
Both BTC and ETH remain in the green week on week, with 3.5% and 5% added respectively, but the real price action has been seen on the largest of the so-called memecoin set, Dogecoin (DOGE).
After Twitter, SpaceX and Tesla (NASDAQ:TSLA) chief Elon Musk replaced Twitter’s traditional blue bird icon with the cartoon Shiba Inu dog face synonymous with Dogecoin on Monday, seemingly at the behest of a throwaway promise made a year earlier, DOGE went into overdrive.
pic.twitter.com/wmN5WxUhfQ— Elon Musk (@elonmusk) April 3, 2023
The memecoin soared 21% to US$0.1 on Monday, bringing DOGE up to the seventh-largest cryptocurrency with a market capitalisation of US$13.6bn.
DOGE closed the session slightly lower at US$0.096, though has since rebounded back to US$0.098.
DOGE has a tendency to pump whenever Musk namedrops it, so the rally comes as no surprise; nor should an imminent reversal if and when the hype dies down.
Shiba Inu (SHIB) enjoyed a bit of a rally on the back of its dog-themed memecoin brethren, adding 4% yesterday and another 1.2% this morning to bring the coin’s market cap close to US$6.7bn.
The rest on the top-20 set has remained largely unchanged, with Cardano (ADA), Polygon (MATIC), Solana (SOL), Ripple (XRP) and BNB adding low single digits in overnight trades.
Global cryptocurrency market cap added 0.7% to US$1.17tn overnight, while total value locked in the decentralised finance (DeFi) space is just below US$50bn after adding 0.5%.
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