Dogecoin Gains Outpace Bitcoin, Ethereum: Analyst Says Apex Crypto Set For ‘Major Rally’ As This Happens – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
The two largest coins were seen trading marginally higher on Tuesday evening as the global cryptocurrency market capitalization rose 0.3% to $921.2 billion at 9:10 p.m. EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -5.5% | $19,083.49 |
| Ethereum ETH/USD | 0.5% | -5.15% | $1,285.06 |
| Dogecoin DOGE/USD | 3% | -8.2% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +40% | $0.06 |
| The Huobi Token (HT) | +15.1% | $5.94 |
| Helium (HNT) | +6.2% | $4.55 |
See also: Best Crypto Debit Card
Why it matters: Dogecoin eclipsed the intraday gains of Bitcoin and Ethereum. All three were seen trading in the green on Tuesday night, along with US stock futures, which rose marginally ahead of the release of key inflation data and minutes from the latest US Federal Reserve policy meeting.
Tesla Inc TSLA CEO Elon Musk said Tuesday that The Boring Company would accept Dogecoin payments for its “Burnt Hair” perfume. Musk, who reactivated a deal to buy Twitter, is a well-known DOGE bull.
On Tuesday, it was reported that Google is partnering with Coinbase to allow its customers to pay for cloud services in cryptocurrency starting early next year. In addition, Google will tap Coinbase Prime for institutional cryptocurrency services such as safe custody and reporting.
OANDA senior market analyst Edward Moya said in a note that the macro backdrop is “increasingly uglier” amid escalation in the Russia-Ukraine conflict and growing fears of recessions.
“Crypto remains stuck in a trading range as pretty much everyone on Wall Street waits for one last big decline in US stocks. Bitcoin remains anchored, but long-term fundamentals remain supportive of a big rally once the risk of stagflation has eased,” Moya said. Bitcoin is holding at the $19,000 level, but if Wall Street selling intensifies, bearish momentum could be targeted just ahead of the $18,150 support level.”
Exciting researchwhich provides curated cryptocurrency market reports, said investors should be cautious amid “ballooning” leverage.
Interesting analyst Vetie Lunde said in a blog that “Leverage is going full-on parabolic in the crypto derivatives market as BTC remains in a very directionless state.”
The analyst said current open interest was “well blown above any level that can be considered sustainable.”
Bitcoin Open Interest — Courtesy Arcane Via Laevitas
On Bitcoin, the analyst said that once Federal Reserve has reached an “appropriately restrictive interest rate level” and inflation simmers down, the apex cryptocurrency may once again “find room to see a significant recovery.”
A note of Glass node said it could be “several months” before a full recovery can be seen in Bitcoin prices, despite the apex coin showing some relative strength of late amid a volatile traditional market setup.
“In many ways, many chain metrics, market structure and investor behavior patterns dot the i’s and cross the t’s for a textbook carry market,” the chain research firm said.
Glassnode said it had noticed “relative neutrality” across small to medium address cohorts when it came to Bitcoin accumulation. However, it said the accumulation trend points for whales holding 1,000-10,000 BTC highlight aggressive accumulation since late September.
Whales holding over 10,000 BTC are biased towards weak distribution in recent months, according to Glassnode.
Accumulation trend score by cohort — courtesy of Glassnode
The company said large units, particularly the 1,000-10,000 BTC wallets, contributed to a distribution event during a rally off the March 2019 low, while small retail participants with less than 1,000 BTC maintained strong accumulation throughout 2018 and 2019.
Meanwhile, the percentage of discussions related to Bitcoin among the top 100 assets is only 12.8%, the tweet Sentiment.
The percentage of discussions related to #Bitcoin, among the top 100 assets, is at just 12.8%. This is the lowest week in 7 months. And what a 10th week in a row is the audience #bearish against $BTC. Both are historically favorable for price floors. pic.twitter.com/7ZfvhXuzve
— Santiment (@santimentfeed) 11 October 2022
“This is the lowest week in 7 months. And what a 10th week in a row is the audience [bearish] against [Bitcoin]. Both are historically favorable for price bottoms, says the market information platform.
Read next: Elon Musk’s purchase of Twitter will be a ‘win-win-win’, says Dogecoin creator
