During Wednesday afternoon trading in Hong Kong, Bitcoin and Ether experienced losses while Dogecoin led the gains among the top 10 non-stablecoin cryptocurrencies by market capitalization, with most others also seeing an increase.
Dogecoin Continues to Beat Bitcoin and Ether for the Third Day in a Row
While Bitcoin and Ether experienced losses during Wednesday afternoon trading in Hong Kong, Dogecoin led the gains among the top 10 non-stablecoin cryptocurrencies by market capitalization, with most others also seeing an increase. Despite the rangebound movement of Bitcoin, long-term holders continue to accumulate assets.
During afternoon trading in Asia, Bitcoin remained relatively stable, trading at US$29,214 as of 4:30 p.m. in Hong Kong, following its drop below the US$30,000 support level on Monday. Meanwhile, Ether experienced a slight decline of 0.16% to US$1,854 during afternoon trading in Asia and has fallen 2.87% over the past week.
According to a research report by Bitfinex, Bitcoin exchange balances have decreased by approximately 32% since their peak in March 2020. This decline can be partially attributed to the use of alternative options such as decentralized exchanges, but it also indicates that longer-term holders are transferring their coins to cold storage.
The desire of investors to accumulate rather than trade is a positive sign for the price. Last week, crypto-backed investment funds experienced a net inflow of US$137 million, with an overwhelming 99% of this amount being directed toward funds backed by Bitcoin.
Dogecoin experienced the largest gain of the day, increasing by 4.98% over the past 24 hours to US$0.08048. The memecoin has risen by 16.7% over the past week, driven by speculation that Twitter CEO Elon Musk has incorporated the cryptocurrency into a redesign of the platform. The second largest gain of the day was seen by the XRP token, which rose by 2.58% to US$0.701.
According to data from CoinMarketCap, the total market capitalization of cryptocurrencies increased by 0.49% over the past 24 hours to US$1.17 trillion, while market volume experienced a decrease of 21.74% to US$26.36 billion.
