Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – Bitcoin, Ethereum, Dogecoin Spike Amid Rally Rally: Why a Red September Could Offer ‘Big Buying Opportunity’ for Investors
Bitcoin and Ethereum rose Wednesday night as the global cryptocurrency market capitalization rose 2.95% to $974.2 billion at 8:11 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.45% | -3.8% | $19,296.02 |
| Ethereum ETH/USD | 4.5% | 4.9% | $1,630.51 |
| Dogecoin DOGE/USD | 3.7% | -0.6% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Helium (HNT) | +57.02% | $5.33 |
| EOS (EOS) | +19.3% | $1.66 |
| The Curve DAO token (CRV) | +12.4% | $1.17 |
See also: How to get free crypto
Why it matters: Cryptocurrencies were up after risk assets rallied on Wednesday. The S&P 500 and Nasdaq rose 1.8% and 2.1% respectively during the day.
However, stock futures were flat at the time of writing as investors await the latest data on jobless claims due on Thursday.
The dollar index, a measure of the greenback’s strength against a basket of six currencies, traded 0.08% lower at 109.75.
Cryptocurrency trader Justin Bennett said the dollar index is “breaking down” from a rising wedge on the chart.
The $DXY breaks down from this rising wedge.
109.30 is the next big test. But as long as we have dollar weakness, expect relief for #stock and #crypto. pic.twitter.com/lMKGDd7Ig3
— Justin Bennett (@JustinBennettFX) 7 September 2022
“109.30 is the next big test. But as long as we have dollar weakness, expect relief for [stocks] and [crypto]”, Bennett said on Twitter.
Michael van de Poppe said a “beautiful retest” is underway on the total market cap of the 200-week moving average.
If you ask me, the total market cap is making a beautiful retest of the 200-week MA.
This means a significant buying opportunity for you at #crypto markets which $DXY heading towards a climax as well.
Going as planned, so far. pic.twitter.com/OGyZcEobIl
— Michaël van de Poppe (@CryptoMichNL) 7 September 2022
“That means a significant buying opportunity for you at [crypto] markets which [the dollar index] heading towards a climax as well,” he said on Twitter.
September is a negative month for the apex coin if monthly returns are any indicator, with GlobalBlock analyst Marcus Sotiriou points out that Bitcoin has ended up in the red in seven of the last nine Septembers.
Monthly Bitcoin Returns – Courtesy of GlobalBlock
“Bitcoin is already down over 5% this month, and 7 of the past Octobers have been green. Therefore, if Bitcoin’s seasonality over the past 9 years is anything to go by, this fear could result in a major buying opportunity,” said the analyst for the digital asset broker.
OANDA senior market analyst Craig Erlam said that the risk environment indicated a “major headwind” for Bitcoin and that “the technical setup did not look more promising.”
“The question now is whether we could see another spiral, as we have so often in the past, in the event that bitcoin breaks the summer lows around $17,500 to trade at late 2020 levels,” Erlam said, in a note seen by Benzinga.
CryptoQuant CEO Ki Young Ju tweeted that 15,000 coins worth of eight-year-old Bitcoin were moved over ten days, with some sent to the cryptocurrency exchange Kraken.
We demystified the secret of old $BTC whales that moved a significant amount of coins at previous peaks.
Full report link pic.twitter.com/CQkz1sT0HY
— Ki Young Ju (@ki_young_ju) 22 August 2022
Ki said the community-driven analytics platform revealed that the whales were likely early visionaries who had accumulated Bitcoin through mining and trading and coins that came from the Cryptsy bitcoin exchange just before it was hacked.
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