Reacting to this price correction, Dogecoin co-founder Billy Markus, known as Shibetoshi Nakamoto on X, has sent a message to Bitcoin.
“Dear Bitcoin, I recommend that instead of going down, you go up. Love, Billy,” the message reads.
As the broader crypto ecosystem continues to battle with the disappointment of the low price movement of digital assets, Nakamoto’s “letter to Bitcoin” intrigues many traders. The price fluctuations are frustrating given the expectations that October held for many.
Historically referred to as Uptober, many predicted an upward price trajectory for digital assets generally. Some analysts even predicted that Bitcoin would surpass its all-time high (ATH) of $73,750, set before the halving event in April. However, so far, Bitcoin has underperformed based on general expectations.
Nakamoto’s letter is likely motivated by a desire to see the ripple effect that Bitcoin will have on altcoins. Notably, a surge in Bitcoin’s price has been known to rub off on other crypto assets as market sentiment gets bullish.
Meanwhile, Dogecoin’s unpredictable volatility has made long traders exercise greater caution as they monitor the bearish trend. Market analysis revealed that approximately 32 million DOGE, valued at $3.88 million, belonging to long traders, were liquidated in 24 hours.
Hence, the Dogecoin cofounder’s letter to Bitcoin might be a cry for a bullish season to hit the broader cryptocurrency market.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
