DOGE Marked 10-Week Peak, ETH at Highest Levels Since Merge: Market Watch

By akohad Oct27,2022


Bitcoin continued to mark new local peaks in the past 24 hours, briefly touching $21,000 for the first time in six weeks.

Dogecoin has emerged as today’s best performer following Elon Musk’s visit to Twitter’s HQ. Ethereum, on the other hand, has finally charted some gains.

BTC Tapped $21K

After the relatively boring last week, when BTC stood primarily around $19,000, the landscape around the asset started to change late Tuesday. It first jumped from the aforementioned level to $20,000 and, unlike previous recent attempts, broke above it decisively this time.

As a result, it painted a six-week high yesterday at just over that coveted line. Furthermore, bitcoin kept climbing during the rest of the trading day and even briefly touched $21,000. This came amid reports suggesting that the Bank of Canada is about to change its stance on hiking the interest rates.

BTC failed to breach $21,000 and has retraced by a few hundred dollars to just under that level. Nevertheless, its market cap stands still at around $400 billion.

On-chain metrics have flashed two notable signs that traders need to be wary of following the latest price action.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE Shoots Up 20%

The altcoins went on a roll as well yesterday, many surging by double digits. Such was the case with Ethereum, which jumped from $1,350 to over $1,550. The latter became the asset’s highest price tag since the completion of the Merge, which turned out to be a sell-the-news event.

Most larger-cap alts have calmed now on a daily scale, with BNB, XRP, ADA, and SOL sitting with minor gains. The situation with Dogecoin is entirely different, though. The largest memecoin exploded by over 20% in a day after Elon Musk decided to bring a sink into the headquarters of Twitter ahead of the acquisition deal.

Shiba Inu is up by 6%, being another notable gainer. As a result, DOGE’s rival trades at $0.000011.

Most lower- and mid-cap alts trade quietly today without any substantial moves in either direction. Nevertheless, the crypto market cap has remained at just over $1 trillion following the mid-week rally.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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