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Dogecoin (CRYPTO: DOGE) traded flat on Sunday night, but other major cryptocurrencies rebounded as the global cryptocurrency market cap rose 1.64% to $ 1.91 trillion.
What happened: DOGE traded down 0.4% to $ 0.20 on a 24-hour basis. The Shiba Inu-themed cryptocurrency fell 10.04% for the week.
See also: How to buy Dogecoin (DOGE)
Ethereum (CRYPTO: ETH) rose 7.04% in 24 hours. The second largest cryptocurrency by market cap fell 5.64% in a seven-day period.
The apex cryptocurrency, Bitcoin (CRYPTO: BTC), rose 2.49% to $ 43,557.07 on a 24-hour basis. Over the past seven days, BTC has fallen 7.26%.
The biggest 24 hour winner on Sunday was Uniswap; the coin climbed 30.31% to $ 24.81. Over the week, UNI gained 6.2%.
The token of a popular decentralized trading platform, UNI, gained 25.74% and 19.8% respectively against BTC and ETH.
Since the start of the year, UNI has climbed 418.54% in prices.
Why is this important: Major cryptocurrencies plunged after China’s central bank, the People’s Bank of China, repeated its warning on virtual assets that are not legal tender in the country.
Within 24 hours, Bitcoin had stabilized above the $ 40,000 mark, with several analysts dismissing the central bank’s decision.
“Whenever this happens [China bans cryptocurrencies], markets react with lower prices, whenever the effect is weaker and more fleeting. The story of “China bans bitcoin” has acquired an almost meme-like status in the bitcoin community because of it, “said Ulrik K. Lykke, executive director of ARK36, a cryptocurrency hedge fund.
“It would seem like a negative thing for China to ban bitcoin and cryptocurrencies, but the market hardly cares after the 100th time,” the cryptocurrency entrepreneur said. Antoine Pompliano, according to CoinDesk.
Bitcoin is anti-China technology.
– Pump (@APompliano) September 24, 2021
Cryptocurrency trader Michel van de Poppe, On Sunday’s rebound, commented that the markets are “at their lowest”. In a separate tweet, he said: “Markets are doing well, good rebound today.”
On the Ethereum side, the rebound was led by institutional investors as the price broke above the $ 3,000 level, Cointelegraph reported.
Institutional investors were reported to prefer ETH over BTC on Friday, analysts at JP Morgan said.
Independent analyst PostyXBT said on Twitter that a further rise is expected for ETH as the latest lows lead to a trend that supports accumulation.
Equally important weekly closure for #ETH today as price tests the highs of the previous range for support.
Seems like a logical area to make a lower higher and I bought more here for the long term bag / swing trade.
RR looks favorable after a 33% correction from the local high. pic.twitter.com/aV77HGsIv9
– posts.eth (@PostyXBT) September 26, 2021
Read more : Dogecoin, Bitcoin, Ethereum See Buy Opportunity After Another China Crackdown
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