Today was a wild day for the cryptocurrency market after Dogecoin had a massive 1,000% breakout thanks to the WallStreetBets subreddit. This group has been notorious for making ‘YOLO’ bets on stocks and recently made a group effort to boost the price of GameStop’s stock as a big hedge fund had shorted it significantly.
After the massive pump on DogeCoin, no other than Elon Musk changed his bio on Twitter to just one word, #Bitcoin. He followed it up by adding the next tweet, which is a bit cryptic but clearly talks about Bitcoin.
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
Bitcoin Price explosion didn’t last long
Although Bitcoin price had a massive 30% spike, most of it is gone at this point. The digital asset touched $38,531 before quickly coming down to the current price of $36,600. It seems that Elon Musk didn’t have enough power to create a sustained move for Bitcoin.
Before the artificial pump, Bitcoin was in the middle of a consolidation period down to $30,000. At this point, it’s extremely hard to determine where BTC is going next and investors should be extremely careful while trading it.
Just hours ago, The Indian Parliament announced that they are considering a bill to ban all private cryptocurrencies besides the official digital asset of the country issued by the Reserve Bank of India (RBI)
Ethereum price holds a crucial support level
Most of the market simply followed Bitcoin’s path today. Ethereum had a smaller but still significant 10% boost towards $1,429 but it’s currently only trading at $1,329. Despite the recent sell-off, on the 4-hour chart, ETH bulls have just defended the 26-EMA again and aim to continue with the uptrend disregarding the recent pump and dump created by Musk.
XRP price is the biggest gainer today
Although the initial 22% spike of XRP was lower than Bitcoin’s boost, the digital asset hasn’t dropped as hard and it’s currently trading at $0.281 still around 8% higher than when it started.
Either way, this most recent spike will probably not change much for XRP, not even in the short-term as Ripple is still investigated for selling XRP as illegal securities.
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: XRP explodes by 100% but plummets down to $0.39
Bitcoin Price Prediction – BTC Breached 40K! Will it climb to 50K next?
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Top 4 Reasons Why Dogecoin is BOOMING
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market briefly corrects, but bulls buy the dip
Elon Musk is under SEC Investigation…Again?
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Dogecoin Price eyes USD 0.1 – Does Dogecoin have growth potential?
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC slides towards $33,000 but bulls buy the dip
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Bitcoin price aims for $100,000 as Tesla invests $1.5 billion as Elon Musk cuts off Dogecoin
Dogecoin Price Prediction: Will Elon Musk drive the price of DOGE to $2 by 2023?
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH hits new all-time high and aims for $2,000
Breaking News – A “Bitcoin Crash” to USD 30K, is the Elon effect Over?
Ripple Price Prediction – How High will XRP reach in 2050?
Why you Might have been WRONG about Ripple – XRP price +16%
Doge Price Prediction – is DOGE 1 Step Closer to 1 Dollar?
Red Crypto Day – Did Elon Musk’s Tweets affect buyers?
You might also like
More from Bitcoin
What is the Bitcoin CME gap?
Trading Bitcoin can follow many strategies. Do you use FA or TA? Are you a day trader, swing trader, scalper, …
Best Bitcoin-Only Platforms for 2023
In this article, we review the best Bitcoin-only platforms for investing in 2023, including Swan Bitcoin, Bisq, and Bull …
Bitcoin Price Analysis: Can Bitcoin reach 50K soon?
Can Bitcoin reach 50k soon as a consequence of the US banking crisis? Let's assess in this Bitcoin price analysis …