Altcoins pop while Bitcoin looks for support near $50,000
Cointelegraph
Published May 14, 2021 10:20PM ET
Updated May 16, 2021 12:20AM ET
Bitcoin (BTC) continues to look for direction, but as this occurred, Ether (ETH) and altcoins bounced higher from the Thursday sell-off. Dogecoin (DOGE) shocked investors with its 47% rally that kicked off after Coinbase announced that it would list DOGE in the coming months. DOGE’s price also rallied after Elon Musk tweeted that he was “working with Doge devs to improve system transaction efficiency. Potentially promising.”
While many altcoins have seen double-digit gains during the recovery, the price of Bitcoin has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.
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Written By: Cointelegraph
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