The Dogecoin rally remained intact Sunday night as the global cryptocurrency market cap fell 0.6% to $1 trillion at 9:07 p.m. EDT.
Major Coin Price Performance Coin 24-Hour 7-Day 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 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Chiliz (CHZ) +20.6% $0.25 Algorand (ALGO) 6% $0.36 The Sandbox (SAND) +6.5% $0.86
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Why it matters: While the two largest coins, Bitcoin and Ethereum, were in the red, Dogecoin’s rise continued unabated.
The meme coin is up a whopping 103.85% in the past seven days, buoyed by the takeover of Twitter by Tesla Inc CEO Elon Musk. TSLA. Over the same period, Bitcoin and Ethereum are up 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 DOGE worth $27.58 million was liquidated within 24 hours.
On Sunday evening, the two cryptocurrencies with the largest market capitalization traded in negative territory with other large risk assets such as stocks. US stock futures were slightly in the red.
This week, investors will be looking forward to the US Federal Reserve’s final policy meeting starting Tuesday.
Ahead of the new trading week, there is a marked improvement in investor sentiment. Alternative.me’s “Crypto Fear & Greed Index” pointed 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 taken as “Extreme Fear”, while 100 is “Extreme Greed”.
Cryptocurrency trader Michaël van de Poppe said the “markets are indeed waking up, profits being made left and right.”
Always nice to see that the markets are indeed waking up, profits are being made left and right.
— Michaël van de Poppe (@CryptoMichNL) October 30, 2022
Justin Bennett was less enthusiastic about cryptocurrencies on Monday, pointing to the levels at which stocks closed on Friday.
That strong week of stocks is probably reason enough for #crypto to pump up this weekend.
Throw in the huge $BTC short liquidations above $21k and you have one more reason.
I am less optimistic about Monday, although the stock closed on Friday.
— Justin Bennett (@JustinBennettFX) October 28, 2022
Onchain money watcher “Onchain Edge” tweeted high inflows in exchanges on Sunday. It recorded an average inflow of 21 BTC and 17 BTC and said these could cause a price drop in the near term.
The first was an average of 21BTC. The second was 17BTC. pic.twitter.com/mhNbc0hIj7
— Onchain Edge (@onchain_edge) October 29, 2022
Meanwhile, Bitcoin has crossed the 2018 cycle bottom formation duration, according to rational root, a bitcoin on-chain and cycle analyst — measured from realized price.
Measured from its decline below realized price, #Bitcoin has now crossed the 2018 cycle bottom formation duration. pic.twitter.com/ifSgaYp6Vq
— Root (@therationalroot) October 30
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