Dogecoin Sprints Higher, Even As Bitcoin, Ethereum Lag – But Metric Signals Party May Be Over Soon For Meme Coin – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Bitcoin was mostly flat, while Dogecoin and Ethereum posted gains on Tuesday night as the global cryptocurrency market cap remained largely unchanged at $1 trillion at 9:01 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.06% | 1.8% | $20,493.44 |
| Ethereum ETH/USD | 1.15% | 7.8% | $1,588.40 |
| Dogecoin DOGE/USD | 14% | 125.4% | $0.14 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Dogecoin (DOGE) | +14% | $0.14 |
| Toncoin (TON) | 11% | $1.67 |
| Shiba Inu (SHIB) | +4.8% | $0.000013 |
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Why it matters: The top coin managed to hold on to the $20,000 mark even as shares closed in the red. The S&P 500 and Nasdaq fell 0.4% and 0.9% respectively intraday. Equity futures were seen flat at the time of writing.
Investors are looking for the United States Federal Reserve decision on interest rates, which is expected on Wednesday.
US job openings rose by 10.7 million in September, data from Bureau of Labor Statistics revealed Wednesday. The figure was above average economist estimates of 9.85 million.
The US central bank is likely to keep a close eye on this figure as it tries to combat the hottest inflation in more than 40 years.
A majority, 87.8%, think the US Federal Reserve will hand out a 75 bps rate hike on Nov. 2, according to CME Group’s “FedWatch” tool.
Screenshot from CME Group’s ‘Fed Watch’ tool
“Bitcoin continues to hover above the $20,000 level ahead as the Fed begins its two-day policy meeting. Bitcoin falls after recent JOLTS [Job Openings and Labor Turnover Survey] The report showed that the labor market was not willing to cool down, he said Edward Moyaa senior market analyst at OANDA.
Justin Bennett said he found it a “small suspect” in believing the argument that Bitcoin has decoupled from stocks. “It’s tough to show something that hasn’t happened,” the trader said.
It is also suspicious that 90% of these claims come from Bitcoin maxis.
Probably not a coincidence. Lol
— Justin Bennett (@JustinBennettFX) 1 November 2022
“It’s also suspicious that 90% of these claims come from Bitcoin maxis. Probably not a coincidence,” Bennett said.
Michael van de Poppe sees “some small signs” of correction in the market. The trader pointed to the dollar index showing strength while Bitcoin is “hanging around support.”
Looking at the markets, there are some small signs of a short correction here. $DXY shows strength, whereas $BTC hanging around support and on the edge of a decision, probably 4-8 hours max.$AVAX bearish divergence.
Targeting $17.25 and $18 for potential longs. pic.twitter.com/JWXWZIoSXA
— Michaël van de Poppe (@CryptoMichNL) 1 November 2022
The dollar index, a measure of the greenback’s strength against six other currencies, was down 0.15% at 111.33 at the time of writing.
Glassnode said in a recent blog post that Bitcoin has yet to experience a “convincing influx of new demand yet.” The analyst firm on the chain said: “It doesn’t look like the bear-bull crossover has formed yet, but there do seem to be seeds planted in the ground.”
The Glass node pointed to the balanced price of $16,500 and realized price of $21,100, saying that they have once again helped establish range as the market “hammers out a basic floor.”
Meanwhile, Dogecoin shot up nearly 14% intraday, boosted by a tweet from Tesla Inc TSLA Elon Musk. The post featured a Shiba Inu dog dressed in a Twitter outfit.
DOGE’s 24-hour trading volume increased by 45.4% to $7.9 billion, according to CoinMarketCap at the time of writing. Coinglass data indicated that $30.8 million of the meme coins were liquidated within 24 hours.
Sentiment said in a note that the first time the DOGE price reached 15 cents, the number of active addresses was much higher than the coin reaching similar levels now. The same applies to trading volume.
Dogecoin Active addresses over 24 hours — courtesy Santiment
The market intelligence platform said that while DOGE and related words had been among Santiment’s top five social trends for the past 4-5 days, it has finally lost the top spot, which “is very often an indicator of incoming price declines.”
DOGE Social volume and sentiment — Courtesy Santiment
Read next: After Musk’s Tweet, 169 New DOGE Contracts Created on Ethereum Cost Investors Thousands of Dollars During Meme Coin’s Rally
