Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins
Experts say DOGE traders rotating profits into Robinhood-listed altcoins could be behind the rally in LTC, BCH and ETC. Every cryptocurrency bull market has at least one surprise catalyst that comes out of nowhere to excite traders and spark massive trading volumes that lift the total market capitalization to new highs. The 2021 bull market is no exception to this rule, and one of the biggest catalysts for growth this year has been the explosive popularity of Dogecoin (DOGE), which has made headlines in traditional and alternative financial circles as its price surge to new all-time highs....
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Bitcoin’s surge to $23,800 triggered strong rallies in large-cap altcoins like Litecoin and Dogecoin. Litecoin (LTC) and Dogecoin (DOGE) are rallying strongly as Bitcoin (BTC) fights to stay above $23,800. Many analysts say the surge in large-cap altcoins is directly connected to Bitcoin's price action and historical data shows the two tend to move in tandem when BTC goes through bull and bear cycles. As altcoins begin to show signs of newfound momentum, traders are becoming even more confident in the strength of BTC’s trend.Throughout December, altcoins stagnated against Bitcoin,....
The crypto market is pulling back into support and could face potential headwinds in the short term. In the crypto top 10, Bitcoin has been outperformed by the altcoins sector with Ethereum and Binance Coin, and Polkadot still preserving some of its gains from the past week. Related Reading: CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting This shows a shift in the crypto market dynamics as investors seem to be regaining confidence in the sector and moving away from Bitcoin. Therefore, the number one crypto by market cap appears to be lagging which....
Despite experiencing a price rut lasting for the majority of 2014, Dogecoin has clawed its way back up the cryptocurrency market cap charts. After rising 18% on September 4, The Dogecoin price has continued its climb. Over the past week, the Dogecoin price has climbed more than 40%. Now, Dogecoin sits fifth among altcoins in total market cap. CCN examines the Dogecoin price charts. Dogecoin Price Rally Continues. September has been a great month for altcoins. In general, most top altcoins have seen their market caps increase, even as the Bitcoin price has struggled. Top 20-altcoins such as....
Bitcoin may be in the last leg of its parabolic run and if the rally sustains, select altcoins may surprise to the upside. Bitcoin (BTC) has consistently been hitting new all-time highs over the weekend, but the latest surge has also created a new high against gold, according to MarketWatch data. This suggests that Bitcoin has been gaining acceptance as the new store of value and that may attract more customers away from gold into Bitcoin. Analysts suggest that the latest rally above $30,000 could have been triggered by aggressive buying from institutional investors on Coinbase, as....
The sharp recovery in major altcoins and Bitcoin suggests the uptrend remains intact. A large part of the current crypto bull run has been driven by institutional demand. But for the first time, the institutions may be stepping back. According to CryptoQuant, the Coinbase Premium Index — the difference in Bitcoin’s (BTC) price on Coinbase Pro and Binance — has turned negative, which suggests that pro traders may be taking profits.The institutional selling needs to be monitored closely because roughly 3% of the Bitcoin in circulation is held by these investors. If they start to dump their....