Bitcoin, Ethereum, Dogecoin Surge: Analyst Says Some Altcoins Showing Strength, DeFi “Waking Up” Ahead of New Week – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
The major coins traded higher Sunday night as the global cryptocurrency market cap rose 1.4% to $859.2 billion as of 7:18 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1% | 4% | $17,108.07 |
| ether ETH/USD | 2.5% | 6.9% | $1,279.19 |
| Dogecoins DOGE/USD | 3% | 4.9% | $0.10 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Forehead (FOREHEAD) | +16.7% | $0.69 |
| EthereumPoW (ETH) | +6.4% | $4.03 |
| ImmutableX (IMX) | +6.7% | $0.51 |
See also: How to Invest in Decentralized Finance or DeFi
Why it matters: Bitcoin and Ethereum even surged as US stock futures opened largely unchanged as the weekend drew to a close. S&P futures were flat, while Nasdaq futures were down 0.2% at the time of writing.
Investors will look forward to November’s ISM services data, which is expected Monday morning EST.
Investor sentiment was largely unchanged at the start of the new trading week. Alternative.Me’s Crypto Fear & Greed Index showed Fear at the time of writing, while last week’s index was also at Fear.
Michael van de Poppe noted that some so-called altcoins are on the rise. The dealer pointed out phantom (FTM), avalanche (AVAX) and Speckle (DOT) as examples of coins starting to “look pretty good.”
FTM is up 28.2%, AVAX is up 7.3% and DOT is up 6.2% over a seven-day period.
“Slowly but surely, some [altcoins] show strength and above all [Decentralized Finance or DeFi] wake up,” Van De Poppe said in a separate tweet.
Meanwhile, on the Apex coin side, CryptoQuant analyst Jan Wustenfeld said that since this cycle, monetary policy “has become relevant to Bitcoin.”
“We have seen broader adoption of Bitcoin over the past few years. Futures markets are being introduced, institutional interest is increasing, etc. So, of course, Bitcoin is more connected to traditional financial markets and is no longer driven solely by retail investors.”
Wüstenfeld said that with recent price action, multiple parties have once again “declared Bitcoin dead,” but given monetary conditions, it is pertinent to ask whether the “Federal Funds Rate will continue to rise indefinitely, or that it will ultimately have to fall? There you have your answer.”
The last Federal Committee of the Free Market (FOMC) meeting for the year is scheduled for next week. At the time of writing, CME’s Fed Watch tool showed a 78.2% chance of a 50 basis point rate hike.
Continue reading: Warren Buffett Now Owns Bitcoin: How the Oracle of Omaha Became Well Known
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