Dogecoin sees monthly high following news from Tesla (market watch)

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Bitcoin failed to win $ 44,000, and the rejection that followed drove it south of $ 2,000. Most altcoins are also well in the red today, with Dogecoin being one of the few exceptions. DOGE jumped double digits on news from Tesla.

Bitcoin rejected at $ 44.5,000

After the last price drop on Monday, in which the main cryptocurrency fell below $ 40,000 for the first time in nearly four months, the asset has started to recover in value quite quickly. It jumped to $ 42,000 before another hike took it to $ 44,000 on Wednesday as the United States announced its highest rate of inflation in 40 years.

After a brief retracement, BTC returned to the offensive and hit a weekly high of $ 44,500 yesterday. However, this is where the situation changed as the bears came to play hard.

Instead of heading further north, bitcoin lost over $ 2,000 in hours. So far, BTC has recovered a few hundred dollars, but it is still down around 3% on the day.

As a result, its market capitalization fell to just over $ 800 billion.

BTCUSD. Source: TradingViewAlts Retrace: Doge explodes

Alternative coins have mimicked BTC’s performance in recent times, with notable gains in the past two days. However, the landscape is very different today.

Ethereum approached $ 3,400 yesterday, but a 3% drop pushed the second largest crypto to just under $ 3,300.

Binance Coin, Solana, Cardano, Ripple, Polkadot, Terra, Avalanche, Shiba Inu and MATIC are also in the red today.

In contrast, Dogecoin is up double-digit percentages. This is a direct consequence of the positive news coming from Elon Musk’s Tesla. The electric vehicle giant allowed its customers to use the popular memecoin to pay for its products which caused the surge.

NEAR Protocol, which closed a $ 150 million funding round yesterday, is up 4% on a daily scale.

Ultimately, however, the crypto’s market cap has shrunk by $ 80 billion from yesterday’s peak and has fallen to just over $ 2,000 billion.

Overview of the cryptocurrency market. Source: Quantify Crypto SPECIAL OFFER (Sponsored) $ 100 free Binance (exclusive): Use this link to sign up and receive $ 100 free and 10% discount on Binance Futures fees in the first month (terms).

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