Bitcoin, Ethereum, Dogecoin Mixed As Meme Coin Hype Spooks Some: Analyst Foresees Apex Crypto's 50% 'Violent' Surge
Benzinga
Published May 24, 2023 03:55
Updated May 24, 2023 05:10
Bitcoin, Ethereum, Dogecoin Mixed As Meme Coin Hype Spooks Some: Analyst Foresees Apex Crypto's 50% 'Violent' Surge
Benzinga - Major cryptocurrencies are trading mixed on Tuesday evening as investors remain unsettled by ongoing regulatory concerns and macroeconomic uncertainties, including the recent debt ceiling stalemate.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.45% | $27,176 |
| Ethereum (CRYPTO: ETH) | +0.46% | $1,849 |
| Dogecoin (CRYPTO: DOGE) | -0.98% | $0.072 |
What Happened: The current market seems to be a mixed bag of trends. Is it the season for meme coins or a hedge against risk? Perhaps, a risk asset season? It’s hard to make a definitive call. One moment, Bitcoin and Ether are making steady upward climbs, and the next, a meme coin comes out of nowhere and skyrockets.
Top Gainers (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Kava | +12.69% | $1.22 |
| Render Token | +9.49% | $2.69 |
| Toncoin | +9.48% | $2.03 |
At the time of writing, the global crypto market capitalization stood at $1.13 trillion, an increase of 0.37% over the last day.
The US stock market took a hit on Tuesday amid ongoing talks of the debt ceiling with little to no progress in sight. The S&P 500 experienced a decline of 1.12% while the Nasdaq Composite fared slightly worse with a pullback of 1.26%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: "Bitcoin is steadying as investors battle debt-ceiling uncertainty and start to become more pessimistic about stocks. The cryptoverse is still very weak as too many companies are struggling to connect with traditional banking. The crypto space can't grow given the current regulatory and banking environment and that should limit whatever gains we see," said Edward Moya, Senior Market Analyst at OANDA.
During a recent strategy session, the pseudonymous analyst Altcoin Psycho shared an agreement with fellow analyst DonAlt about their decision to stay on the sidelines for now. The two crypto strategists expressed reluctance to enter the crypto markets due to the recent meme coin rallies, which they believe suggests the end of this year’s upward trend.
"A lot of people always ask, ‘Well, why is it that when old dino coins start to pump or when memecoins start to pump, why does that spook people?' It really comes down to just liquidity games."
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Bitcoin traders have been eagerly waiting for a big breakout and it looks like the wait may soon be over. Crypto analyst Kaleo said Bitcoin is about to embark on a strong rally that will take it to new levels and last until July.
"Reclaims of deviations beneath HTF [high timeframe] support like this typically lead to violent moves to the upside. ATM (at the moment) $27,700 is the level I'm watching."
The trader predicts that Bitcoin soars past the $40,000 level by July. "One last leg up."
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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