Top cryptocurrencies dipped again Friday following a two-day rally. The global market cap was down 1.14% at $2.05 trillion as of 2.19 a.m. ET. The bearishness comes after the latest slide in tech stocks.
However, meme cryptos Dogecoin and Shiba Inu bucked the trend. While SHIB was up 1.78%, DOGE zoomed 19.40% continuing a rally triggered by rumors that Tesla was preparing to accept the meme coins as payments for its electric vehicles.
Bitcoin was down 1.95% at $42,888 after trading in the green for two consecutive days. However, investors still trust the top coin's potential to touch $75K this year.
Ethereum too followed the slide and was trading at $3,293. Barring Binance Coin, Cardano and Polkadot, all the top-10 digital tokens saw a plunge, CoinMarketCap data showed.
Experts have warned investors to remain cautious amid inflation and a sluggish economic recovery.
"A cautiously optimistic stance seems to be the preferred position to take for investors now, balancing the fact that (U.S. Fed Chair Jerome) Powell had u-turned on his initial hawkish policies, and that inflation and a sluggish economic recovery remain very much a concern for all," CoinDCX research team told International Business Times. "With risk-on assets having bounced off the oversold region, and the RSI tracing a strong uptrend, we may be poised for a potential move higher."
In other news, global cryptocurrency exchange Coinbase said it is buying crypto futures exchange, FairX, to offer crypto derivatives to traders. Crypto derivatives trading, which presents opportunities to platforms that offer future and options, has been growing rapidly.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.