Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) took a knock on Thursday evening, with the global cryptocurrency market cap sliding 4.3% to $1.9 trillion, hurt by intensifying war in Ukraine and a firmer dollar.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -5% | 8.9% | $41,852.97 |
| Ethereum (CRYPTO: ETH) | -7% | 6.1% | $2,758.91 |
| Dogecoin (CRYPTO: DOGE) | -4.8% | 2.6% | $0.13 |
Top Gainers Over 24 Hours
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Quant (QNT) | +3.4% | $122.17 |
| Anchor Protocol (ANC) | +3.7% | $4.64 |
| Frax Share (FXS) | +2.9% | $24.24 |
See Also: How To Buy Bitcoin (BTC)
What Happened: Russia’s invasion of Ukraine gained further momentum on Thursday. Europe’s largest nuclear power plant, the Zaporizhzhia nuclear power, is on fire after an attack by Russian troops, according to a local mayor.
Adding more pressure, the greenback found support from upbeat weekly U.S. jobless claims data as well as Federal Reserve Chairman Jerome Powell’s signal for a rate hike this month. The dollar index rose 0.4% to 97.767, as per another Reuters report.
“Bitcoin needs risk appetite to be healthy for prices to make a run above the $50,000 level, so it should come as no surprise if prices consolidate around the $40,000 level,” said Edward Moya, a senior market analyst with OANDA.
Marcus Sotiriou, an analyst with U.K.-based digital asset broker GlobalBlock, said on-chain data indicates Bitcoin’s accumulation phase has begun. He said an accumulation phase precedes bull markets, while a distribution phase comes before bear markets.
“Analysis from CryptoQuant shows how the market cap for 6-month-old Bitcoin was 13% at the cycle top, whereas it is now 52%. A larger proportion of investors becoming long-term holders is beneficial for price appreciation,” Sotiriou said in a note.
Amsterdam-based cryptocurrency analyst Michaël van de…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
