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Dogecoin Outperforms, as Bitcoin and Ether Experience Losses

Dogecoin Outperforms, as Bitcoin and Ether Experience Losses

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.

Dogecoin Continues to Beat Bitcoin and Ether for the Third Day in a Row

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.

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