TLDR
- Dogecoin saw an 11% increase in value over 24 hours, reaching almost $0.11 per coin, positioning it as the top performer among major cryptocurrencies.
- X (formerly Twitter) announced upcoming features allowing direct stock and crypto trading from its timeline, a development likely contributing to Dogecoin’s price surge.
- Bitcoin briefly climbed to $70,434 before retreating to $69,798, ending the week unchanged following $360 million in net withdrawals from US Bitcoin ETFs.
- Ethereum briefly touched nearly $2,100 before settling at $2,080, marking a 1% daily gain, with US Ethereum ETFs experiencing $161 million in outflows during the week.
- Standard Chartered projected a potential drop for Bitcoin to $50,000, while CryptoQuant suggested $55,000 as a plausible low point after recent market liquidations.
Dogecoin’s value rose by 11% within a 24-hour period on Saturday. The meme-inspired cryptocurrency reached a price of nearly $0.11 per coin by 2 PM New York time.
This price surge followed X’s announcement of new trading capabilities. The platform’s product lead indicated that users would soon be able to conduct stock and cryptocurrency trades directly from their timelines.
Elon Musk, owner of X, has been a long-time proponent of Dogecoin, frequently referring to it as his preferred cryptocurrency in interviews and posts on the platform.
Since xAI was formed just 30 months ago, the small and talented team has made remarkable progress.
The future has never looked more exciting!
— xAI (@xai)
Bitcoin exhibited less significant price movement on Saturday. The leading cryptocurrency initially climbed to $70,434 before experiencing a decline.
It was trading at $69,798 after this dip. The coin’s value remained largely unchanged for the entire week.
Bitcoin ETF Outflows Continue
US-based Bitcoin exchange-traded funds recorded $360 million in net outflows over the past week. These funds are managed by firms such as BlackRock, Fidelity, and Grayscale.
Minor inflows on certain days were overshadowed by substantial withdrawals mid-week. This trend suggests a degree of investor uncertainty regarding Bitcoin’s future trajectory.
Ethereum mirrored Bitcoin’s performance on Saturday. The second-largest cryptocurrency briefly reached $2,100.
Ethereum subsequently dropped to $2,080. This still represented a 1% increase compared to the previous day.
US Ethereum ETFs saw $161 million in outflows during the week. This selling pressure impacted both major cryptocurrencies.
Price Predictions Point Lower
Bitcoin’s value plummeted to nearly $60,000 last week. This decline occurred after $19 billion in crypto positions were liquidated in October.
Further liquidations took place last week as investors pulled back. This selling activity followed President Trump’s nomination of Kevin Warsh for Federal Reserve chair.
Warsh has historically held an anti-inflation stance. This could imply a slower pace of interest rate reductions.
Standard Chartered Bank forecasts that Bitcoin could potentially fall to $50,000. Blockchain analysts at CryptoQuant consider $55,000 to be a realistic bottom.
Dogecoin remains 87% below its peak in May 2021. Despite recent losses, the coin has achieved over 34,000% gains in the last decade.
The memecoin directly competes with Bitcoin as a payment network. However, it offers less functionality compared to cryptocurrencies built on the Ethereum blockchain.
X has previously explored integrating cryptocurrency features. Past announcements from the platform related to payments have historically boosted Dogecoin’s price.
