Dogecoin (CRYPTO: DOGE) traded 20% higher at press time over 24 hours, making to the list of top gainers as the global cryptocurrency market cap rose 8% to $1.35 trillion on Wednesday night.
What Happened: DOGE traded 20% higher at $0.23 at press time and was up 25.21% and 22.07% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively.
See Also: How To Buy Dogecoin (DOGE)
Even so, the Shiba Inu-themed cryptocurrency is still down 24.61% over the week.
The apex cryptocurrency, BTC, traded 1.18% lower at $33,331.15 at press time over 24 hours, for the week it has declined 13.77%.
ETH recorded a gain of 0.46% and traded under the psychologically $2,000 mark at $1,940.95 over 24 hours. For the week, it is down 19.06%.
Ankr (CRYPTO: ANKR), the token of the Web3 infrastructure platform, was the top gainer on Wednesday night soaring 47.8% at $0.08. The token was up 42.9% and 39.31% against BTC and ETH over 24 hours.
Other notable gainers included The Graph (CRYPTO: GRT), XRP (CRYPTO: XRP), and Tron (CRYPTO: TRX).
The Graph was up 26.64% at $0.615, XRP rose 13.56% to $0.64, and Tron spiked 17.68% to $0.062 over 24 hours.
Why It Matters: The short squeeze rally seen in Bitcoin appears to be fizzling out with analysts split on whether the cryptocurrency has found a bottom.
“It’s too early to tell if this is ‘the’ bottom or just a temporary floor before more downside,” said Elie Le Rest, the co-founder of crypto hedge fund ExoAlpha, reported CoinDesk.
See Also: Has Bitcoin Found The Bottom At $29,000?
“The lack of any upside catalyst (beside some contrarian oversold metrics) remains the biggest hurdle for cryptos to bounce back.”
Delta Exchange CEO Pankaj Balani reportedly said he does not expect the apex coin to break the $30,000 support.
“Naked shorts have started to enter the market and the risk of sharp rises due to short squeezes is higher.”