Bitcoin bulls are struggling to push BTC price above $50,000. As Bitcoin continues to look for direction, Altcoins and Ether bounced higher from the Thursday sell-off.
Coinbase
Coinbase announced that it would list Dogecoin in the coming months. Moreover, Dogecoin shocked investors with its 47% rally that kicked off after the announcement.
Elon Musk
The price also rallied after Elon Musk’s tweet. Elon Musk made a tweet that he was working with Doge Devs to improve the system transaction efficiency. Moreover, the Tweet looked potentially promising.
Many Altcoins have been seeing double-digit gains during the recovery. However, the price of Bitcoin continued to languish near $50,000.
Whale Wallets
However, the whale wallets are containing at least 10,000 BTC. In addition, the price has declined by 4.7 % compared to the previous month. This indicates a possible profit taking or a rotation into different assets.
Cointelegraph Markets and TradingView
According to Cointelegraph Markets and TradingView data, the Bitcoin recovery has been muted. Moreover, the demand for Ether led to an 18% rally at the altcoin notched an intraday highest $4,173 on Friday.
Altcoins rally higher
The debate is continuing about whether or not the market is officially experiencing an altseason is raging. Moreover, one of its trademark characteristics is a sideways trading Bitcoin that leads traders to more confusion. Due to this confusion, the altcoin market is gaining more attention, leading to a decline in Bitcoin dominance.
