Dogecoin Rally Intact Even As Bitcoin, Ethereum Turn Red: Analyst Says Crypto Markets ‘Indeed Waking Up’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
The Dogecoin The rally remained intact Sunday night as the global cryptocurrency market cap fell 0.6% to $1 trillion at 9:07 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.8% | 5.3% | $20,571.08 |
| Ethereum ETH/USD | -1.5% | 16.3% | $1,586.19 |
| Dogecoin DOGE/USD | 3.3% | 104.8% | $0.12 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Chillies (CHZ) | +20.6% | $0.235 |
| Algorand (ALGO) | 6% | $0.36 |
| The sandbox (SANDY) | +6.5% | $0.86 |
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Why it matters: While the two largest coins, Bitcoin and Ethereumwas in the red, the rise in Dogecoin continued unabated.
The meme coin has shot up a whopping 103.85%, lifted off Tesla Inc TSLA CEO Elon Musk’s takeover of Twitter, in the last seven days. In the same period, Bitcoin and Ethereum have risen 5.3% and 16.5% respectively.
Dogecoin’s 24-hour trading volume fell 35.76% to $8.03 billion at the time of writing. Coinglass data indicated that $27.58 million worth of DOGE was liquidated within 24 hours.
On Sunday evening, the two cryptocurrencies with the largest market capitalization were seen trading in negative territory with other major risk assets such as stocks. US stock futures were marginally in the red.
This week, investors will be on the lookout for the final policy meeting of the US Federal Reserve starting on Tuesday.
Going forward in the recent trading week, there has been a marked improvement in investor sentiment. Alternative.me’s “Crypto Fear & Greed Index” was seen pointing to “Fear” at the time of writing.
The index showed a value of 31, last week it was at “22” and flashed “Extreme Fear.” A value of 0 on the measure is interpreted as “Extreme fear”, while 100 is “Extreme greed”.
Cryptocurrency trader Michael van de Poppe said that “the markets are really waking up, profits are being made left and right.”
Always great to see the markets actually waking up, profits are being made left and right.
— Michaël van de Poppe (@CryptoMichNL) 30 October 2022
Justin Bennett was less enthusiastic about cryptocurrencies on Monday, pointing to the levels at which stocks closed on Friday.
The strong approach to the week from stocks is probably reason enough #crypto to pump this weekend.
Throw in the massive $BTC short liquidations over $21k and you have another reason.
I’m less optimistic about Monday, though, given where stocks closed on Friday.
— Justin Bennett (@JustinBennettFX) 28 October 2022
Onchain money monitor “Onchain Edge” tweeted high inflows to exchanges on Sunday. It noted average inflows of 21 BTC and 17 BTC and said these could cause a short-term price drop.
The first was an average of 21BTC. The other was 17BTC. pic.twitter.com/mhNbc0hIj7
— Onchain Edge (@onchain_edge) 29 October 2022
Meanwhile, Bitcoin has surpassed the duration of the cycle bottom formation in 2018, according to the rational root, a bitcoin chain and cycle analyst – as measured by the realized price.
Measured from the fall below realized price, #Bitcoin now exceeded the duration of the 2018 cycle bottom formation. pic.twitter.com/ifSgaYp6Vq
— Root (@therationalroot) 30 October 2022
Read next: Dogecoin pulls ahead of Cardano as the eighth largest cryptocurrency, Charles Hoskinson makes this prediction
