Bitcoin, Ethereum Muted, Dogecoin Spikes In Memecoin Fervor — Analyst Says, 'Don't Panic When Markets Correct' As It's All Part Of The Game
Portfolio Pulse from Shivdeep Dhaliwal
Bitcoin and Ethereum traded lower on Thursday evening, while Dogecoin spiked. The global cryptocurrency market cap declined 0.3% to $1.3 trillion. Memecoins like Floki, Dogecoin, and Shiba Inu saw upward momentum. The U.S. economy exhibited strong growth with the GDP rising at an annualized rate of 4.9% in the third quarter. However, the number of Americans applying for jobless benefits rose in the previous week to 210,000. Cryptocurrency trader Michaël van de Poppe observed that the markets were 'correcting' and urged not to panic.
October 27, 2023 | 2:17 am
News sentiment analysis
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NEGATIVE IMPACT
Bitcoin traded lower, with resistance at the $34,700 mark. A breakout could lead to the $37,000 to $38,000 level.
The news of Bitcoin trading lower and facing resistance at the $34,700 mark could lead to a short-term decrease in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum traded lower, but market intelligence platform Santiment noted that it has been 'under the radar' despite the vast majority of crypto having 'flourished' in the second half of October.
The news of Ethereum trading lower could lead to a short-term decrease in its price, but its 'under the radar' status could indicate potential for future growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Dogecoin spiked, continuing the upward momentum of memecoins.
The news of Dogecoin spiking and the continued upward momentum of memecoins could lead to a short-term increase in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100