The cryptocurrency market is approaching a valuation of $2.1 trillion, with alternative coins (altcoins) leading the charge, signaling an optimistic future for these digital assets. As Bitcoin maintains its position above the $51,800 mark, investors are closely watching for the weekly closing prices, hopeful that the current levels will hold and provide a springboard for altcoins to climb further.
Dogecoin Miners Show Selling Trend
Dogecoin’s miner reserves have plummeted to their lowest since late 2013, with a significant 5.28% drop in the past month. The sharp decrease in reserves from over 12.8 billion during Dogecoin’s peak in 2021 to under 4.2 billion illustrates a prolonged selling pattern by miners. Despite hitting this low, there’s an observed recovery in the reserves, hinting at a potential decrease in selling pressure soon.
Dogecoin’s price has a pivotal level at $0.088, and unless it closes the week above this threshold, aspirations for a rise to $0.106 may not materialize. Investors are advised to watch for closes above resistance levels to anticipate any further gains.
The Struggle of Metaverse and NFT Tokens
Tokens associated with metaverse and non-fungible tokens (NFTs) have been unable to resist the downturns of bear markets, leading to a significant loss in market value. They struggle to perform well, partly because of the increasing circulating supply. SAND Coin is notably boosting its supply this month, while APE Coin has been gradually unlocking supply over time. Despite initial peaks, the dwindling hype and rising supply have put these tokens in a challenging spot.
APE Coin currently trades above $1.6, but resistance near $1.68 and significant sell-off indications could see its price potentially retract to lower levels, especially if Bitcoin corrects.