Dogecoin, Shiba Inu Lead Crypto Market Rebound After Friday’s Profit Taking
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were among the best performing cryptocurrencies of the week, with both hitting fresh all-time highs during the week. These cryptos, however, pulled back from the peaks on Thursday amid profit taking, and the weakness continued into Friday.
Doge, Shiba Inu Price Action: Doge started the week at sub-24-cent levels and moved in a range of $0.2375 and $0.2616 through Wednesday. The meme currency pulled back on Thursday and dropped to a low of $0.2365 on Friday before settling at $0.2442.
Meanwhile, Shiba Inu, a Doge Killer, also had a lackluster week and was stuck in a trading range.
Both meme currencies are seeing some strength on Saturday.
Although they are still stuck in recent trading ranges, they are at least outperforming some of their more illustrious counterparts.
Bitcoin Turns to Green: Bitcoin was the talk of the town all week following its record run. The rally of the apex cryptocurrency picked up steam in the run-up to the debut of the first Bitcoin futures based ETF – ProShares Trust – ProShares Bitcoin Strategy ETF (NASDAQ:BITO).
Wednesday, a day after the ETF debuted, Bitcoin scaled to a peak of $66,930.39 before pulling back all the way to $60,117.41 during the very next session, a peak-trough decline of 10.12%.
The crypto has cut its losses and has regained some ground.
Ethereum also followed Bitcoin to an all-time high of $4,366.09 on Thursday. The altcoin did pullback but is holding support around the psychological resistance level of 4,000.
It remains to be seen if the two top cryptos by market cap can regain momentum, helped by expectations of increased mainstream and institutional adoption following the launch of Bitcoin ETFs.
At last check, Doge was up 3.34% to $0.2462.
SHIB was adding 2.83% to $0.000029.
Bitcoin was rallying 1.57% to $61,645.16.
Ethereum was advancing 3.56% to $4,104.89.