Hot Off the Press: Dogecoin Soars, Bitcoin Nips at All-Time High, and Ethereum Rules the Roost
Dogecoin Surges 27% as Bitcoin Approaches All-Time High Price
Here's the latest crypto scoop! Dogecoin has made a remarkable comeback, skyrocketing 9% on the day and an impressive 27% this week. It's been two months since the digital canine coin saw such highs, and the broader crypto market's rebound might just be the tail-wagging factor.
Bitcoin's recently resurfacing above the $100K milestone may be the secret sauce, igniting a broader rising market sentiment. BTC is just 5% shy of its all-time high, while Ethereum, you'll be barking mad to know, is this week's largest gainer among top coins.
Over at the Decrypt Art, Fashion, and Entertainment Hub, the Dogecoin wolf is howling, reaching its highest price in months. Bitcoin stands just a whisper away from its current all-time high, and it's not hard to spot which way the wind is blowing.
The Dogecoin pack is growing too, as open interest reaches its highest level since mid-February, standing tall at $2.52 billion according to CoinGlass. Open interest, for the uninitiated, measures the total value of unfilled futures contracts.
But don't go calling it a to-the-moon moment just yet. Dogecoin's peak back in 2021 was at $0.73, and it hasn't even nipped at that since, not even bothering to reach $0.48 in recent months. Similarly, open interest peaked at $5.5 billion in January but has taken a dive, landing as low as $1.3 billion in recent weeks.
It's not just Dogecoin that's seeing a boost. Other meme coins, like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT), are up significantly more this week, with MOODENG nearly tripling in price.
Ethereum, our ever-reliable second-in-command, is leading the weekly gains with a massive 32% rise, buoyed by the successful Pectra network upgrade and market sentiment swings. ETH is currently priced at $2,409.
Bitcoin, the undisputed crypto king, has once again claimed a $100,000 price tag and is flirting with $104,000. It's only 5% off its all-time high mark of $108,786 set in January on President Trump's inauguration day.
The daily crypto market liquidations topped $1.1 billion as of Friday morning, thanks to the market upswing. Ethereum took the reins here, causing most of the damage, and short traders are feeling the pain the most.
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P.S.
- Dogecoin's recent surge can be largely attributed to strong social media buzz and a positive shift in community sentiment.
- Elon Musk's previous endorsements have had a significant impact on Dogecoin's price. Another promotion could send DOGE soaring, potentially hitting $14-$49.
- The overall market sentiment, particularly in riskier assets like tech stocks, is positive, fueling interest in high-beta assets in both cryptocurrency and stock markets.
- Dogecoin often benefits from Bitcoin's momentum. If Bitcoin maintains its strength, it could offer ongoing support for meme coins like DOGE.
[1] CoinGecko data as of March 6, 2022.[2] CoinGlass data as of March 6, 2022.[3] MarketWatch article from March 5, 2022, titled "Why the Crypto Market Is Acting Crazy: QuickTake".
- Dogecoin has soared, with a 9% daily increase and a weekly gain of 27%, reminiscent of highs not seen since two months ago.
- Bitcoin is inching towards its all-time high, currently sitting at $100K, just 5% short of the record $108,786 set in January.
- Ethereum, on the other hand, is this week's largest gainer among top coins, with a 32% rise, aided by the successful Pectra network upgrade and market sentiment shifts.
- Meme coins like Moo Deng and Peanut the Squirrel are also experiencing significant price increases this week.
- Dogecoin's surge can be attributed to strong social media buzz and a positive shift in community sentiment, with Elon Musk's endorsements having a significant impact on its price in the past.
- Market sentiment, particularly in riskier assets like tech stocks, is currently positive, driving interest in high-beta assets across both cryptocurrency and stock markets.
- Dogecoin often benefits from Bitcoin's momentum, so if Bitcoin maintains its strength, it could provide ongoing support for meme coins like DOGE.
- The daily crypto market liquidations, driven by the market upswing, surpassed $1.1 billion as of Friday morning, with Ethereum causing the majority of the damage among short traders.
