Cryptocurrency Market Plummets as Dogecoin Hits Five-Month Low
The global cryptocurrency market has taken a hit, with prices dropping by nearly 9% on Friday. The decline seems to have been triggered by the liquidation of Silvergate Bank, which caused a ripple effect across the market. Dogecoin, in particular, has been hit hard, falling to its lowest level since October.
DOGE/USD dropped to an intraday low of $0.06302, less than 24 hours after trading at a high of $0.0722. As a result of the decline, dogecoin fell to its lowest point since October 26, when the price bottomed out at $0.0627.
Looking at the chart, the sell-off came as the relative strength index (RSI) of 14 days dropped below a long-term floor at 30.00. As of writing, the index is still hovering around this level, indicating that the market may continue to experience volatility in the coming days.
Litecoin has also been hit hard, falling by over 17% during Friday’s session. Other cryptocurrencies, including Bitcoin and Ethereum, have also seen significant declines, with Bitcoin dropping below the $50,000 mark.
Despite the recent decline, some analysts remain optimistic about the long-term prospects of cryptocurrencies. Many believe that the recent volatility is simply a natural part of the market cycle, and that prices will eventually rebound.
However, others warn that the market may continue to experience turbulence in the short-term, as investors grapple with uncertainty and volatility. As always, investors are advised to exercise caution and do their own research before making any investment decisions.
