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Dogecoin Climbs 5.4%, Tops CoinDesk 20 This Week: CoinDesk Indices Market Update

Bitcoin and ether are also among this week's leaders, while Uniswap lags.

By Tracy Stephens|Edited by Stephen Alpher
Updated Apr 12, 2024, 6:07 p.m. Published Apr 12, 2024, 6:05 p.m.
CoinDesk 20 leaders (CoinDesk Indices)
CoinDesk 20 leaders (CoinDesk Indices)

CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).

Dogecoin DOGE$0.1004 led the CoinDesk 20 this week, climbing 5.4% and topping $0.20 at one point before pulling back. This is still far below the meme coin’s all-time high of $0.58 in May of 2021.

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Only five assets in the index closed yesterday above their levels of one week ago. Despite sizable losses on Friday, bitcoin BTC$67,623.46 and ether ETH$1,967.01 were among them.

cd20 leaders

Uniswap UNI$3.4455 noticeably lagged this week, falling 19% as the DeFi exchange received an enforcement notice from the SEC. Layer 1s Aptos APT$0.9049 and Internet Computer ICP$2.3613 were among the worst performers as well.

cd20 laggards

CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.

CoinDesk 20

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Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says

Ni Olivier Acuna|Edited by Oliver Knight
2 oras ang nakalipas
Bitcoin bus (Photo: Olivier Acuna/Modified by CoinDesk)

McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.

Ano ang dapat malaman:

  • Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
  • McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
  • Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
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