Dogecoin Surpasses Bitcoin, Ethereum Gains: Analyst Sees Apex Crypto at $18,000 If It Breaks This Level – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Major coins were soaring on Tuesday evening as the global market cryptocurrency market cap increased 4.4% to $854.2 billion as of 8:30 p.m. EST.
| Piece of money | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 4.2% | 4.3% | $16,864.72 |
| Ethereum ETH/USD | 8.6% | 12.15% | $1,267.84 |
| Dogecoin DOGE/USD | 13.1% | 37.4% | $0.11 |
| Cryptocurrency | % change over 24 hours (+/-) | Price |
|---|---|---|
| Huobi Token (excl. tax) | +16.5% | $7.20 |
| Dogecoin (DOGE) | +13.1% | $0.11 |
| Phantom (FTM) | +12.7% | $0.22 |
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Why is this important: Dogecoin led the gains among major plays. The bellwether coin was among the top gainers on Tuesday.
Cryptocurrencies were in the green at the time of writing, although US stock futures held steady ahead of a speech by the US Federal Reserve Chairman Jerome Powell.
“Bitcoin bounces around the $16,000 level as cryptocurrency traders wait for the next domino to fall in the FTX saga,” said Edouard Moyaa senior market analyst with OANDA.
Moya said it was not a “friendly environment” in which to buy the cryptocurrency drop given the high downside risks.
“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom. Bitcoin has support ahead of the $15,500 level, but if that doesn’t does not hold, the technical sell could push prices up towards the region of $13,500,” Moya said in a note seen by Benzinga.
Michael van de Poppe said on the Bitcoin chart that the coin had bottomed out and was once again targeting resistance. The cryptocurrency trader said that the coin removing the range between the $16,500 level and $16,800 would trigger a pursuit towards the $18,000 level for the apex coin.
Trader Justin Bennett said he sees “a lot of upside” for Bitcoin if it can break above the $16,981 level.
Meanwhile, chartist Ali Martinez pointed out that 65.7% of all accounts on Binance Futures with an open Bitcoin position are long. The long-short ratio according to the chart shared by Martinez stood at 1.91.
A CryptoQuant An analyst said on Tuesday that even though Bitcoin prices have fallen, long-term holders are making a profit. They stated that “the point at which long-term holders have made significant gains tends to be (or just before) a temporary price high.”
Key Ethereum addresses have seen growth since the FTX crisis unfolded in early November. Santiment, a market intelligence platform, said the number of 100-100,000 ETH addresses is at its highest level in 20 months.
Read more : 5 Years Ago, Binance Made the Most “Dumb Money” Bitcoin Investments – Guess Which One Leads the 2022 Cycle?
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