Another 50% daily gain for Dogecoin confirms 'alt season' as Bitcoin slumps
May 5, 2021. Summarized by summa-bot.
Compression ratio: 19.4%. 1 min read.
Dogecoin rally sparks speculation about the arrival of alt season as Ether continues hitting new highs and Bitcoin trades sideways.
The cryptocurrency market awoke to the sight of Dogecoin (DOGE) price surging to as high as $0. 69 in the past two days, leading many to wonder if the recent performance of the world's most popular meme token is now the leading indicator for the arrival of alt season.
Data from Cointelegraph Markets and Tradingview shows that while the world's attention was focused on Dogecoin, Bitcoin (BTC) faced selling pressures, which began the night before and dropped the price of BTC back below the $55,000 support level by mid-day on Tuesday.
These sentiments were echoed by David Lifchitz, chief investment officer at ExoAlpha, who pointed to a breakdown in Bitcoin’s previous pattern of higher highs as a sign that BTC will have a difficult time breaking out above $60,000 without a significant catalyst.