February 22, 2024

Bitcoin, Ethereum, Dogecoin Slip Despite El Salvador Leader Bukele’s Triumph: Analyst Sees ‘Impending Spike’ In Volatility Of Elon Musk’s Favorite DOGE

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Bitcoin and other major cryptocurrencies were observed trading in the red on Sunday evening as the global cryptocurrency market cap declined by 1.1% to $1.63 trillion.

The apex cryptocurrency did not receive a boost, at the time of publishing, from the news that President Nayib Bukele of El Salvador — who is a major backer of the digital coin — declared victory in the country’s presidential elections.


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CryptocurrencyGains +/-Price (Recorded at 10:44 p.m. EST)
Bitcoin (CRYPTO: BTC)-1.12%$42,546.16
Ethereum (CRYPTO: ETH)-0.83%$2,284.91
Dogecoin (CRYPTO: DOGE)-1.24%$0.08

Bukele announced on X, formerly Twitter, that he had won the election with more than 85% of the votes and a minimum of 58 of 60 deputies in the nation’s assembly, calling it a “record” in democratic history.

De acuerdo a nuestros números, hemos ganado la elección presidencial con más del 85% de los votos y un mínimo de 58 de 60 diputados de la Asamblea.

El récord en toda la historia democrática del mundo.

Nos vemos a las 9pm frente al Palacio Nacional.

Dios bendiga a El Salvador.

— Nayib Bukele (@nayibbukele) February 5, 2024

It should be noted that the official declaration of results was yet to come in at the time of publishing this report.

Investor sentiment leaned towards greed on the eve of a fresh trading week. The “Crypto Fear & Greed Index” by Alternative was observed hovering at “Greed,” unmoved since last week.

Top Gainer (24-Hours)

CryptocurrencyGains +/-Price (Recorded at 10:44 p.m. EST)
Ronin (RON)+12.68%$3.42
Flare (FLR)+12%$0.032
Pendle (PENDLE)+3.97%$3.08

Macro Economic Buzz: During an appearance on CBS News’ 60 Minutes program, Federal Reserve Chair Jerome Powell acknowledged that inflation was not yet dead. He emphasized the need to see “more good data” before deciding on cutting interest rates.

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See Also: Dogecoin Sees ‘Record-Breaking’ New Addresses In A Single Day, Says Analyst — After Mark Cuban Says ‘Yes’ To DOGE

Analyst Takes

Cryptocurrency trader Michaël van de Poppe said during the weekend that the second-largest cryptocurrency by market cap, Ethereum, is holding up the crucial support level of $2,150. He said that as long as it does that and its upward grind continues “I still think we’ll see $3,000+ in Q2.”

Meanwhile, cryptocurrency analyst Ali Martinez said that The Bollinger Bands on Dogecoin, a currency often discussed by Tesla CEO Elon Musk,  are experiencing the tightest squeeze since October 2023 which signals “an impending spike in $DOGE price volatility.”

Bollinger Bands are used for measuring cryptocurrency and other asset volatility. They consist of three bands representing standard deviations from a simple moving average. The bands widen with price increases and contract with decreases, providing insight into relative volatility. Overall, BBs offer a snapshot of a cryptocurrency’s volatility compared to historical norms.

Santiment noted that the cryptocurrency market caps have edged up 0.5% over the past week despite a shrinkage seen in trading volumes to the tune of 20.3% in the prior week.

The market intelligence platform said Bitcoin “continues seeing less attention as eyes turn to pumping #altcoins.”

Photo by Igor Faun on Shutterstock

Read Next: Elon Musk’s Delaware Setback Opens Door For Srinivasan’s Ethereum, Solana DAO Proposal

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