What happened
Following a day of sell-offs on Friday, the cryptocurrency market is posting some recovery momentum on Saturday. As of 10 a.m. ET, Bitcoin (CRYPTO:BTC) was up roughly 3.3% from the stock market’s closing bell on Friday. Meanwhile, Ethereum (CRYPTO:ETH) and Dogecoin‘s (CRYPTO:DOGE) tokens were up roughly 6.4% and 6%, respectively, over the same period.
![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)
Crypto prices began soaring in October and continued to gain ground until momentum started reversing in mid-November. The overall cryptocurrency market has continued to move lower in December as investors have weighed regulatory risk factors and the possibility that valuations for digital tokens may be trending toward a more prolonged bearish cycle. That being said, the cryptocurrency market actually looks relatively calm at the moment.
Image source: Getty Images.
So what
Bitcoin hit a lifetime high of $68,990.90 per token last month, but the token dropped below the $50,000 per token mark early in December’s trading and now trades at roughly $46,300 per coin. The cryptocurrency is down roughly 23% over the last month and approximately 33% from its high.
Bitcoin has posted a strong performance this year and is still the largest cryptocurrency by far, but there are signs that the market is shifting toward a different category of token. While Bitcoin can be used as a currency or a speculative investment vehicle, most of the excitement in the market appears to be building around tokens that are connected to service-and-development-focused blockchain networks and applications.
In dollar terms, Ethereum has been leading the charge on the crypto market’s rotation into application-backed cryptocurrencies. The price for the network’s ether token has surged amid increasing adoption for the network’s smart-contract and application-building features, and some investors and analysts see this momentum leading to “the flippening” — the moment when Ethereum’s market…
![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)
