Bitcoin is going sideways..."Puppy Coin" that runs alone. [Coinscanner] > NFT_News KDCA(한국데이터공인인증원)

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The cryptocurrency market, which was strong last weekend, has been on the side for two consecutive days. Amid disagreements over the direction of Bitcoin, the market leader, and Ethereum ahead of the "big event" next month, "meme coin" featuring dog mascots such as Dogecoin and Shiba Inu soared.

According to Coingeco, a cryptocurrency market site, on the 17th, Bitcoin was traded at USD 24,022 as of 10 a.m., down 0.5% from 24 hours ago. Bitcoin, which briefly surpassed $25,000 in about two months on the 15th, has since fallen again and has been hovering around $24,000 for two days.

The movement of altcoin (cryptocurrency excluding Bitcoin) is not much different. Ethereum was traded at USD 1896, down 0.4% from 24 hours ago, while major altcoins such as Ada (0.5%), Solana (-0.6%), and Binance Coin (-0.9%) also fluctuated slightly.

 

Major coins have also been swinging for two consecutive days on the domestic exchange. At the same time, Bitcoin was traded at 32.157 million won, down about 1% from 24 hours ago, and Ethereum was traded at 2.536 million won, down 0.1% from 24 hours ago.

As the favorable factors of the "Etherium Merge" event, which led the recent coin rally, have been exhausted, the cryptocurrency market seems to be on a wait-and-see mode again. This is because macroeconomic uncertainties that have a huge impact on the cryptocurrency market, such as the direction of inflation in the future, the U.S. central bank's interest rate decision in September, and concerns over an economic slowdown, are still high.

There are mixed views on Bitcoin's future moves. CryptoQuant, an on-chain data analysis company, said, "Recently, whale investors have been caught depositing a large number of Bitcoin into cryptocurrency exchange wallets," and predicted, "This is usually to sell Bitcoin, and Bitcoin prices may fall soon." According to CryptoQuant, as of the 16th (local time), about 16,000 Bitcoin flowed into the cryptocurrency exchange wallet. In other words, if such a volume is released, the price of Bitcoin could temporarily fall.

Peter Schiff, CEO of EuroPacific Capital, one of the leading cryptocurrency pessimists, recently tweeted, "The recent Bitcoin rebound is likely to be a temporary phenomenon," and claimed, "Bitcoin prices will eventually fall below $10,000."

Opposition is also formidable. According to CoinDesk, Moya, an analyst at foreign exchange trading company Oanda, claimed, "Almost everyone on Wall Street expected Bitcoin to fall again, but the recent Bitcoin rise will not stop at a 'dead cat bounce (temporary rebound in the plunge)." "Institutional investors' funds are flowing into Bitcoin," he said. "There is a high possibility that the upward trend will continue."

Recently, BlackRock, along with Coinbase, the largest cryptocurrency exchange in the U.S., released a bitcoin trust product exclusively for institutional investors. Institutional customers of BlackRock, the world's largest asset management company, have opened a way to invest in cryptocurrency through Coinbase. This was a boon for those who predicted the rise in the trend of cryptocurrency.

Meanwhile, while major coins are moving sideways, dog coins such as Dogecoin and Shiba Inu are fluctuating again. The two coins are not used at all, but they are the representatives of "meme coins," which are drawing attention because they are cute.

Dogecoin and Shiba Inu are the only coins with double-digit growth rates among the top market capitalization, with prices soaring 23% and 55%, respectively, over the past week. Dogecoin surpassed Polka Dot's market capitalization in 10th place, while Shiba Inu beat Avalanche and Polygon in 12th place.

It is analyzed that there is a "doge chain" behind the recent rise in dog coins. Dogechain is a new blockchain platform that can use DPI, NFT (non-replaceable token), DApp, and games. Dogecoin holders can link to Dogechain to use various services or transact in chains.k.a. chain.

However, Dogechain was developed by Polygon, a side chain of Ethereum, and the Dogecoin network has no official relationship, so you should pay attention to investment. The Dogecoin Foundation also tweeted that both the Dogecoin Foundation and the first developer had nothing to do with the Dogechain.

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