Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point. 

Galaxy Digital recently released a report titled “Dogecoin: The Most Honest Sh*tcoin,” and the document highlighted the fact that no updates have been logged in Dogecoin’s GitHub repository since 2017. Even the blockchain’s network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.

There seems to be a massive mismatch between Dogecoin’s fundamentals and its valuation. The meme coin’s rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing massive losses.

Daily cryptocurrency market performance. Source: Coin360

Moving away from the Dogecoin frenzy, the latest CoinShares report shows weekly institutional inflows of $489 million for various crypto products. Bitcoin (BTC) accounted for the lion’s share of the investments at $411.7 million.

This shows that institutional investors are viewing the current weakness in Bitcoin as a buying opportunity. The total crypto assets under management is at $64.7 billion, having risen about $7 billion in the past six weeks.

Will Ether (ETH) continue to pull altcoins higher or will Bitcoin make a comeback? Let’s analyze the charts of the top-10 cryptocurrencies to find out.