Crypto On April 6: Market Dips While Terra Luna Hits All-Time High

The cryptocurrency market dipped Wednesday after trading higher a day earlier, but Terra Luna and meme cryptocurrency Dogecoin continued the gaining momentum.

The global crypto market cap was down 3.07% at $2.10 trillion, as of 2.56 a.m. ET, Tuesday CoinMarketCap data showed.

Terra Luna touched an all-time high on Tuesday at over $119.50. Luna was trading at $117.40.

As per a daily crypto market update from global exchange OKX, the momentum still seems bullish for the Layer-1 coin as traders continue to bid on the narrative behind a BTC-backed stablecoin, UST.

"Some pullback is expected by some after breaching another high — but it would be unwise not to expect more upside if the broader market holds up," the OKX research team told International Business Times.

Meme crypto Dogecoin continued to gain momentum. According to industry insiders, the surge is led by Tesla's Elon Musk's acquisition of a 9.2% stake in Twitter. Competitor Shiba Inu, however, continued to plunge.

Bitcoin dipped 2.51% to $45,448. Ethereum, too, dipped 4.10% to $3369.

"This level (Bitcoin's current level at $45k) continues to be an important pivot between bullish and bearish sentiment among traders. For now, they remain cautiously optimistic," the OKX research team said.

Barring USD Coin and Terra LUNA, all other top coins continued to trade in the red.

In other news, Intel has announced the launch of an application-specific integrated circuit (ASIC) that will provide customers with energy-efficient hashing for proof-of-work consensus networks.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.