Dogecoin (DOGE) Bull Run, Bitcoin (BTC) Price Recovery, and More: Bits Recap May 6

TL; DR

BTC has bounced back from recent lows to $64,000, indicating resistance and potential bullishness. DOGE sees a significant weekly increase of 12%, fueled in part by Tesla's acceptance, indicating continued investor interest. In the midst of ongoing legal proceedings with the Ripple-SEC case, XRP reaches $0.53, analysts are expecting harsh results.

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The revival of BTC.

The price of the main cryptocurrency fell sharply at the beginning of May to $56,800, affecting many leveraged traders. However, the negative trend was short-lived, at the end of the week Bitcoin (BTC) flashed green.

He regained the lost land, currently Trading over $64,000 (per CoinGecko data). Its market capitalization has bounced back above $1.25 billion after falling slightly to around $1.11 billion a few days ago. The dominance over alternative coins is more than 50%.

some Important Indicators point to BTC's rally It is prepared To grow more. One example is the result of the recent decline in market value relative to actual value (MVRV). of Metrics Rise of BTC signals It is overpricedwhile the opposite situation signals a buying opportunity. The latest Data It shows MVRV score is less than 2.

One person who hit the bullseye is cryptocurrency analyst Ali. He recently presented a chart showing the price direction of Bitcoin. arguing That MVRV 90-day The ratio suggests that BTC is still in a “major overbought zone”.

DOGE'S WONDERFUL SPIKE

The largest meme coin by market capitalization has been crypto's rock star over the past few days, with its price rising by 12% weekly and surpassing the $0.16 mark.

The rally may be partly related to the overall green environment of the sector. Other factors, however, may have a more significant effect.

Such An example is the Tesla ad. to the Officially accept Dogecoin (DOGE) as a payment method. However, EV accepts huge transactions with the property Only For merchandise in the online Tesla store. It is interesting to note that DOGE is the only cryptocurrency. Sponsored by the company.

“Tesla only accepts Dogecoin. Tesla cannot accept or acquire other digital assets. Make sure you are making your purchase in Dogecoin. Sending Any Other digital assets may cause the assets to be lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned. To the buyer” notice. He reads..

In the year Keep in mind that in 2021, the company briefly accepted Bitcoin (BTC) as a payment method. But soon Canceled. The supply, referring to the negativity of the property Impact on the environment.

What about XRP?

Ripple's native token also headed north, although not as much as BTC and DOGE. Current price It stands on Around $0.53, up 5% on a seven-day scale.

Many analysts expect it to be a major bull run. Just around the corner. X users Mikybull Crypto and Dark Defender are among them. The former He said he deserved it. “He has a bottom ConfirmedHe said the property was being prepared for “explosive activity”. Defender of the Dark looked at the weekly time frame to predict that XRP is ready to reach $1.88. coming soon.

The coin's price performance could be significantly affected by the potential settlement of the Ripple v SEC lawsuit. of Experiment The dispute between the companies began late last month after the company won three partial court victories. last one year. The price of XRP has increased significantly after each victory, which means that the same situation could be repeated in the event of a decisive victory for Ripple.

If you're curious about legal disputes between entities and how it can trigger a foreclosure, feel free to watch our video below: