The Dogecoin rally remained intact on Sunday evening as the global cryptocurrency market cap fell 0.6% to $1 trillion at 9:07 p.m. EDT.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|The Sandbox (SAND)||+6.5%||$0.86|
Why It Matters: While the two largest coins, Bitcoin and Ethereum, were in the red, the rise in Dogecoin continued unabated.
The meme coin has shot up a whopping 103.85%, buoyed by 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 declined 35.76% to $8.03 billion at the time of writing. Coinglass data indicated that $27.58 million worth of DOGE was liquidated over 24 hours.
On Sunday evening, the two cryptocurrencies with the largest market cap were seen trading in negative territory with other major risk assets like stocks. U.S. stock futures were marginally in the red.
This week, investors will be on the lookout for the latest policy meeting of the U.S. Federal Reserve which commences Tuesday.
Going forward into the fresh 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 construed as “Extreme Fear,” while 100 is “Extreme Greed.”
Cryptocurrency trader Michaël van de Poppe said that the “markets are indeed waking up, profits are made left and right.”
Always great to see that the markets are indeed waking up, profits are 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 equities closed on Friday.
That strong close to the week from equities is probably reason enough for #crypto to pump this weekend.
Throw in the massive $BTC short liquidations above $21k and you have another reason.
I’m less optimistic about Monday though given where equities closed on Friday.
— Justin Bennett (@JustinBennettFX) October 28, 2022
Onchain money watcher “Onchain Edge” tweeted high inflows into exchanges on Sunday. It noted mean inflows of 21 BTC and 17 BTC and said these could cause a short-term price drop.
The first was a mean of 21BTC. The second was 17BTC. pic.twitter.com/mhNbc0hIj7
— Onchain Edge (@onchain_edge) October 29, 2022
Meanwhile, Bitcoin has surpassed the duration of the 2018 cycle bottom formation, according to the rational root, a bitcoin on-chain, and cycle analyst — as measured from the realized price.
— Root (@therationalroot) October 30, 2022