The past week in the crypto world has been a mixed bag of events. From Shiba Inu SHIB/USD the burn rate skyrockets to Dogecoin DOGE/USD drop in prices, there was no shortage of action. Bitcoin BTC/USD also had its moment, teasing the $100,000 mark, while Ethereum ETH/USD had a bumpy ride. Here’s a quick recap of the main stories that happened during the week.
Shiba Inu burn rate skyrockets
Despite relatively stable performance for the SHIB/USD pair over the past week, Shiba Inu burn rates have seen a significant increase. Benzinga technical analysis indicates an oversold RSI of 28.6 for Shiba Inu, suggesting a potential price rebound or reversal.
Dogecoin Price Drop, Whale Activity Increases
Despite a 4% price drop, Dogecoin saw a significant increase in whale activity, sparking speculation of a bullish phase among traders. Javon Marks, a trader, pointed out historical trends that suggest Dogecoin could surpass the 1.618 Fibonacci extension level, as has been the case in previous cycles.
Bitcoin and Ethereum remain stable over Christmas
Major cryptocurrencies Bitcoin and Ethereum remained stable on Christmas Day, retaining gains made the day before. Bitcoin hit a one-week high of $99,800 during overnight trading, narrowly missing the $100,000 mark. Ethereum, on the other hand, has had a shaky trajectory.
Bitcoin, Ethereum and Dogecoin retreat after Christmas rally
Major cryptocurrencies saw a fall after a festive Christmas surge gave way to profit-taking. Bitcoin, after crossing the $100,000 mark on Christmas, saw a sharp decline, falling to an intraday low of $95,170. Ethereum also fell to the $3,300 region.
Dogecoin whales in full buying frenzy
Whaling investors purchased a staggering 270 million Dogecoins in less than four days, according to Ali, a prominent voice in the crypto community. The significant investment in Dogecoin was announced on Christmas Eve.
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This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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