The cryptocurrency market might be overheating at the moment. There also seems to be a need for the correction on a short-term basis owing to the reason that Dogecoin has witnessed a historic surge recently. On the other hand, Bitcoin has been sliding.
Recently Dogecoin’s price has made a huge rally to the $0.45 level. This has fuelled their market cap to reach an enormous $54 million. As a result, DOGE has now successfully managed to become the 5th most important crypto according to the market cap.
Jim Cramer, the CNBC host, informed on closed 50% of his position with Bitcoin. However, this isolated event must not concern institutional investors regarding BTC since the token has garnered long-term HODlers.
What Does Bitcoin Instability Indicate?
The bulls of Bitcoin have not been able to capitalize or build on the breakout that took place on 13th April during the overhead resistance area between $60,000 and $61,825.84. The price of BTC has declined on the 14th of April after it reached its all-time high of $64,849.27.
Nonetheless, as of now, the bulls are trying to flip the current support level of $60,000. In case the bulls succeed, BTC will make their upward rally again. The $64,849.27 breakout might motivate the next uptrend that might hit $69,540, following that $79,566.
ETH hit the $2,545.80 record high on 17th April while Binance Coin bulls are protecting the retracement level of Fibonacci at $483.95. XRP has been exponentially increasing and might soon reach the $2.54 mark.
Cardano has been stuck between the bears and the bulls battle with the price at $1.48 for the last 2 days. Polkadot broke through the level of $42.28 on 13th April. Similarly, Litecoin also broke through the $307.42 price objective.