Bitcoin Today 10/18/2024: BTC tries to surpass US$ 68 thousand and Dogecoin soars after support from Elon Musk

by Stephen Douglas
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Bitcoin Today //: BTC tries to surpass US$ thousand
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Bitcoin Today 10/18/2024: BTC tries to surpass US$ 68 thousand and Dogecoin soars after support from Elon Musk
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Bitcoin tried once again to surpass the US$68,000 level this Friday (18), with a brief increase above that mark, but retreated and is now slightly below it, quoted at US$67,885 at the time of writing this article. Despite this, BTC’s dominance over the market continues to grow, while most altcoins record small losses in the last 24 hours. The exception is Dogecoin, which soared after Elon Musk showed support for memecoin.

After a decline last Thursday when the price of Bitcoin fell below $59,000, the flagship cryptocurrency began a strong recovery, adding around $4,000 over the weekend. Earlier in the week, BTC reached the $68,000 mark on Tuesday. However, it suffered significant rejection that resulted in a drop of over $3,000.

But this pullback was temporary, and Bitcoin quickly recovered. Since then, the cryptocurrency has tested the $68,000 level on a few occasions, reaching its highest value since late July. This movement comes amid a significant increase in the volume of net inflows into spot Bitcoin ETFs, which surpassed $1 billion in recent days.

Despite a slight correction from the local peak reached this Thursday morning, BTC remains close to US$68,000. Currently, its market value is above US$1.340 trillion. Meanwhile, its dominance over altcoins remains above 55%, according to data from CoinGecko. According to data from CoinGecko, in the last 24 hours Bitcoin rose 1.5%. When quoted in reais, each BTC costs US$383,673.

BTC approaches US$68 thousand

While Bitcoin tries to surpass the US$68,000 mark, Dogecoin (DOGE), the largest memecoin by market value, saw a significant increase after new public support from Elon Musk.

The billionaire resumed his support for the coin on Wednesday, which resulted in an appreciation of around 10% in the price of DOGE in the last 24 hours. The cryptocurrency recorded a new multi-month high today and is priced at $0.1337.

Another altcoin that stood out was cat in a dogs world (MEW), with an increase of 11.5%, followed by BRETT (9.9%) and MOG (9.6%).

Some of the main cryptocurrencies by market value had more muted performances. Ethereum (ETH), Binance Coin (BNB), and Solana (SOL), for example, are only up about 1.0% in the last 24 hours. The price of XRP fell 0.7% and that of Tron (TRX) fell 0.5%.

The global cryptocurrency market value saw a small decline of 0.3% in the last 24 hours, with the total market cap reaching US$2.43 trillion, according to CoinGecko.

Bitcoin Today 10/18/2024: BTC tries to surpass US$ 68 thousand and Dogecoin soars after support from Elon Musk

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