Market News

BY  Tanaya Macheel @tanayamacheel

Across the crypto market, coins that have soared in the past week hit the brakes on Tuesday, including memecoin Shiba Inu, which was down 4% after it soared 57% in the past week.

Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125% since Nov. 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17%.

In the stock market MicroStrategy trimmed earlier losses and ended the day higher by nearly 5%. Coinbase retreated 1.5%. On Monday, it surged 19% to trade above $300 for the first time since 2021 and about 6% from its high from that year.

Traders and analysts agree the past week’s rally is only beginning.

“It does seem like there’s an air gap between the previous [bitcoin] all-time highs around $72,000 and $100,000,” Hougan said. “It’s hard exactly to see what would force sellers to come into this market and halt the momentum before we get to that level. Of course, there are no guarantees. You could see pullbacks, but we’re in a new crypto market cycle. … I do think that we are right to be bullish and the bias is still on the upside.”