Bitcoin and Ethereum saw slight rises before dipping, erasing weekly gains. Dogecoin stole the show, trading 11% higher in 24 hours, making it the biggest gainer among large cap cryptocurrencies. Dogecoin’s price stood at nearly $0.11 per coin due to news of X (formerly Twitter) bringing crypto trading to its platform.

Elon Musk’s favorite cryptocurrency, Dogecoin, has made gains from X-related news in the past. Musk has pumped Dogecoin, claiming it’s a good option for transactions. Bitcoin briefly rose to $70,434 before dipping to $69,798, with net outflows from US Bitcoin exchange-traded funds totaling $360 million.

Ethereum briefly spiked to nearly $2,100 before dipping to $2,080, a 1% rise over the past day. Investors also cashed out $161 million from US Ethereum ETFs. Bitcoin faces challenges after a crash last week, sinking the asset to nearly $60,000. Markets have been volatile since October, with billions wiped out in liquidation events.

Selling intensified last week as investors derisked over Trump’s Federal Reserve chair nomination. Standard Chartered forecasted Bitcoin could crash to $50,000 before stabilizing, while CryptoQuant predicted $55,000 per coin as a realistic bottom. Experts warn that Bitcoin could be in for more pain ahead.

Read more at Yahoo Finance: Dogecoin surges ahead while Bitcoin, Ethereum see short-lived gains