FX.co ★ Tough weekend for Bitcoin and Musk's support of Dogecoin

During Monday's trading, bitcoin's price is steadily rising. At the time of writing, bitcoin is trading near $65,725 (+1.36%). Meanwhile, leading altcoins are keeping up with BTC and show a robust increase. Ethereum rose by 1.24% to $4,698, while Binance Coin jumped by 0.95% to $653.22. The total market capitalization of digital assets on Monday remained unchanged at $2.87 trillion with Bitcoin and $1.62 trillion without it.

Since the beginning of the trading session, BTC has gained 1%. Now it is trading at $65,800. Cryptocurrency market experts say that at the moment bitcoin shows bullish market trends and gradually climbs up, finding local support on the declines to the former resistance level at $63,500.

At the same time, last weekend was difficult for bitcoin. So, on the night of Sunday to Monday the price of BTC soared to $66,200 after it had declined to $62,200 on Friday evening.

Last week, bitcoin broke through an all-time high at $69,000. However, a couple of hours later, bitcoin plummeted to $62,800, trading within a narrow range for a long time.

As for the global cryptocurrency market, last week was marked by multiple processes of profit-taking, as well as investors' migrations from one digital asset to another.

While most cryptocurrency market participants are anxiously monitoring bitcoin's rollercoaster, Tesla CEO Elon Musk confidently states that Dogecoin has already outperformed BTC and Shiba Inu as a means of payment.

The reason for such a bold statement was a tweet of the co-founder of DOGE Billy Marcus. In his tweet, he compared transaction fees for Bitcoin, Dogecoin, and Shiba Inu.

Last week, the DOGE creators released a new version of its wallet. The upgraded version has become safer, more productive, and, most importantly, includes fewer transaction fees.

In the latest version of the official Dogecoin Core wallet 1.14.5, the recommended fees were reduced to 0.01 DOGE per 1 KB of data. From now on, users will be charged according to the size of the transaction, without any roundings, as it was before.

Elon Musk's behavior amid the positive news about Dogecoin can hardly be called unpredictable. The entrepreneur has always supported the meme-inspired cryptocurrency with his tweets and public statements.

For example, in May, Musk said that DOGE could easily outperform BTC if the developers of Dogecoin would increase the speed of block solving and its size while reducing transaction fees.

In late summer 2021, the Tesla CEO supported billionaire Mark Cuban when he said he thought Dogecoin was the best cryptocurrency for fast and cheap money transfers.