The rally in Ethereum (ETH) and Bitcoin (BTC) was muted at press-time while Dogecoin (DOGE) and XRP continued to rise — buoyed by a social media pump.
What Happened: The second-largest cryptocurrency by market cap traded 1.92% lower at $1,620.12 at press time over a 24-hour period, as per CoinMarketCap data.
BTC, the top currency by market cap, traded 1.15% lower at $37,150.38.
Grayscale Bitcoin Trust GBTC closed 0.26% lower at $37.96 on Thursday.
XRP traded 14.82% higher at $0.44 at press time. The meme-based cryptocurrency Dogecoin (DOGE) spiked 17.88% higher at $0.046.
Both Dogecoin and XRP are subjects of call for pumps on social media platforms including Reddit and Telegram.
See also: How to Buy Dogecoin (DOGE)
On Thursday, Tesla Inc TSLA CEO Elon Musk sent the Shiba Inu-themed cryptocurrency soaring 50% after he called it “people’s crypto.” Mia Khalifa disclosed on Benzinga’s “Power Hour” on Wednesday that she is an investor in Dogecoin.
Why It Matters: On the muted movement in BTC, Chris Thomas, head of institutional sales for Swissquote Bank said, “Still trading around the 50-day moving average, so all good,” reported CoinDesk.
“Moved a long way back up over the last week or so again, so there’s just a little lack of energy today. And no more Elon pumps!”
Musk expressed support for Bitcoin this week in an appearance on Clubhouse. He also disclosed his friends had tried to convince him to get involved in the cryptocurrency.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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