Dogecoin (DOGE) Up 20% Despite Bitcoin (BTC) Dip

Over the past week, Dogecoin (DOGE) was up 20%, compared to a 3% jump in Bitcoin (BTC) price.

Bitcoin, the largest cryptocurrency, traded in a close range this week, which reassured the market players after a volatile beginning to the year. As of the writing of this article, the digital asset was down over the past 24 hours and up around 3% over the past week. Meanwhile, Ethereum (ETH), the second-largest crypto, is up about 5%.

Based on reports, some investors and analysts remain wary despite the slight price jump of $40,000 earlier this week.

According to Q9 Capital, a Hong Kong-based crypto investing platform, price swings are all happening on wafer-thin volumes, which can boost value movements, adding that no fresh capital is coming in, and nobody is keen to sell or buy.

In addition, Alex Kuptsikevich, an analyst at FxPro, notified CoinDesk via an email that attempts earlier in the week to form a rebound are encountering more substantial selling, further indicating seller pressure.

Kuptsikevich also expressed his concern about further declines in ETH. Notably, he mentions that if the momentum continues to decline, he expects a worst-case scenario of $1,300-$1,700 ETH, which is roughly 50% below current price levels.

NFT Trading Volumes Continue to Soar

Note that not every part of the crypto ecosystem is experiencing a slowdown in trading activity.

As the interest in the non-fungible token (NFT) keeps increasing, so do the trading volumes. OpenSea, one of the largest NFT marketplaces, is about to surpass $6 billion in transactions by the end of the month.

Yesterday, Dogecoin (DOGE), the initial memecoin, surged almost 14% after electric-car maker Tesla started accepting the cryptocurrency as payment for merchandise. This brought the memecoin to be up almost 20% over the past week.