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Apr 07,2023

Dogecoin, Polygon, and Cardano all drop by up to 7% while Bitcoin holds $28,000

Crypto Price Today:

While Ethereum lost another 1% as it stayed below $1,900 levels, Bitcoin continued its declines for another day and was able to hold $28,000 levels.

On Friday, the price of bitcoin and other cryptocurrencies fell further. Compared to Ethereum and other tokens, Bitcoin was marginally down. Next week will see the release of the most recent Consumer Price Index, a crucial indicator of inflation that also influences how the Fed sets interest rates.

Although Bitcoin continued to decline, it was able to maintain the $28,000 mark. The second-biggest cryptocurrency token continued to trade below the $1,900 threshold as its largest peer, Ethereum, fell another %. Along with Dogecoin, which lost the most money, other altcoins also decreased in value.

The fear and greed index increased by one point, reaching a score of 64 that leans more towards greed despite the sideways trade in the cryptocurrency markets. Dogecoin has fallen for two days in a row after seeing a significant surge earlier this week when Twitter changed its blue bird emblem with the Shiba Inu symbol of DOGE.

Before its Shanghai upgrade, which would allow staked ETH to be withdrawn, ETH is trading around $1,800, while Bitcoin traded marginally lower. The liquid staking protocols Lido and Rocket Pool would also gain from ETH's impending upgrade. Until it processes the effects of the Shanghai upgrade, we can anticipate that the cryptocurrency market will remain volatile.

All of the biggest crypto tokens were trading down on Friday, with the exception of stablecoins tethered to the US dollar. Dogecoin led the losers with a drop of more than 7%, while Polkadot, Cardano, and Litecoin all fell by 2% apiece. Among the other leading laggards were Polygon, Shiba Inu, and Solana.

The market capitalization of all cryptocurrencies was trading lower, hovering around $1.18 trillion, and it had decreased by about 1% over the previous day. The entire trading volume, however, fell more than 14% to $35.38 billion.

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