Tesla CEO Elon Musk is known for his posts that are on the agenda in the crypto space. Accordingly, the famous billionaire made a post that started a new Crypto Twitter discussion on his Twitter account. Many responses came to Musk’s post in a short time. Also, one of these answers was DOGE founder. Accordingly, Dogecoin inventor Billy Markus agreed with Elon Musk about the next altcoin to crash. Here are the details…
Notable sharing from Elon Musk and the inventor of DOGE
Elon Musk made a post about cryptocurrencies from his official Twitter account last night. In fact, the Tesla CEO’s post consisted of only one word: “Cryptonight”. However, this single phrase was enough to draw the attention of the famous investor’s 98.1 billion followers to crypto.
Cryptonight
— Elon Musk (@elonmusk) June 15, 2022
DOGE founder to Elon Musk’s post Billy Markus replied. Markus hinted at Bitcoin somewhat ironically. Accordingly, the Dogecoin inventor considered the current drop of BTC as a “store of value”. However, Markus was not the only celebrity to comment on Musk’s post. Prominent Bitcoin advocate and investor Anthony Pompliano asked Musk his thoughts on the current state of BTC. However, the Tesla CEO did not give any response to Pompliano. The DOGE founder then told Musk that the next thing to crash after inflation soared would be the real estate market. Elon Musk responded to this post and said “correct”.
Crypto market cap drops below $1 billion for the first time in history
Earlier this week, the crypto market suffered sharp drops, as we reported on cryptokoin.com . Accordingly, the total market value of the market fell below $ 1 billion for the first time in history. In fact, the market value fell to around $ 925 million on Monday. This value was well below the bull run of many cryptos such as DOGE, BTC and ETH in November of 2021.
At that time, the total market value was around $2.9 trillion. What caused this collapse was the collapse in the market as a result of macro factors and the Terra event. Along with leading cryptocurrencies like Bitcoin, Ethereum, many altcoins have lost most of their value. Bitcoin experienced a sharp pullback from $30,000 to $20,228. Ethereum dropped from the $1,900 support zone, then hit $1,028.
Analysts split on BTC, DOGE and ETH price
Famous crypto investor Mike NoNovogratz spoke to CNBC yesterday about Bitcoin price. The billionaire said he predicts that the BTC price will bottom out in the $20,000 area. He also predicted that the Ethereum price would follow a parallel path. Accordingly, ETH will bottom around $1,000. But inflation continues to rise worldwide. In addition, the Federal Reserve (FED) is making statements implying that it will increase interest rates in the USA. Markets fear the Fed should raise interest rates. Therefore, many markets, including crypto, may soon experience big dips.
The most important guess in this regard came from Peter Schiff, who is known for his love of gold. Unlike Novogratz, Schiff predicts that the price of BTC and ETH will fall further. The analyst especially said that BTC will regress enough to test the long-term support of $ 5,000. It has also published a BTC price chart that demonstrates this. In addition, he also gave advice to investors for Bitcoin. Accordingly, it might be a good idea for investors to “sell BTC holdings and buy again when prices drop.”
