Bitcoin, Dogecoin Surge, Ethereum In Red — BTC Dominance Touches 30-Month High: King Crypto Shedding 2-Year Equities Reliance A Bull Market 'Recipe,' Says Analytics Platform
Portfolio Pulse from Shivdeep Dhaliwal
Major cryptocurrencies traded mixed with Bitcoin dominance rising to a new 30-month high. Bitcoin hovered around the $34,600 mark, breaching the $35,000 level intraday. Ethereum was in the red, while Dogecoin surged. Bitcoin's dominance rate rose to 54.4%, the highest since April 2021. Edward Moya, a Senior Market Analyst with OANDA, said the short-term bull case for Bitcoin will remain intact until there is more clarity on the US spot Bitcoin ETF. Market intelligence platform Santiment noted that Bitcoin's 2-year reliance on equities is gone, a typical recipe for bull market conditions.
October 26, 2023 | 2:57 am
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POSITIVE IMPACT
Bitcoin dominance hits a 30-month high, breaching the $35,000 level intraday. The short-term bull case for Bitcoin will remain intact until there is more clarity on the US spot Bitcoin ETF.
The rise in Bitcoin's dominance and price, along with the anticipation of clarity on the US spot Bitcoin ETF, are positive indicators for Bitcoin. This could potentially drive its price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Dogecoin surged while other major cryptocurrencies traded mixed.
Dogecoin's surge, in contrast to Ethereum's negative performance and amidst Bitcoin's dominance, could potentially drive its price up in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum traded in the red while other major cryptocurrencies saw gains.
While Bitcoin and Dogecoin are surging, Ethereum is in the red. This negative performance could potentially impact its short-term price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70