The two largest coins traded marginally higher on Tuesday night, as the global cryptocurrency market cap rose 0.3% to $921.2 billion as of 9:10 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -5.5% | $19,083.49 |
| ether ETH/USD | 0.5% | -5.15% | $1,285.06 |
| Dogecoins DOGE/USD | 3% | -8.2% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +40% | $0.06 |
| Huobi Token (HT) | +15.1% | $5.94 |
| helium (HNT) | +6.2% | $4.55 |
See also: Best Crypto Debit Cards
Why it matters: Dogecoin eclipsed the intraday gains of Bitcoin and Ethereum. All three were trading in the green on Tuesday night, along with US stock futures that edged higher ahead of the release of key inflation data and minutes from the Federal Reserve’s latest policy meeting.
Tesla Inc TSLA CEO Elon Musk said Tuesday that The Boring Company would accept Dogecoin payments for its Burnt Hair perfume. Musk, who reactivated an agreement to buy Twitter, is a well-known DOGE bull.
It was reported Tuesday that Google is partnering with Coinbase to allow its customers to pay for cloud services in cryptocurrencies starting early next year. Additionally, Google will use Coinbase Prime for institutional cryptocurrency services such as secure custody and reporting.
Lead Market Analyst at OANDA Edward Moya said in a note that the macro backdrop is “getting uglier” amid escalating Russia-Ukraine conflict and mounting recession fears.
“Cryptos remain rangebound as basically everyone on Wall Street waits for one last major drop in US stocks. Bitcoin remains anchored, but long-term fundamentals continue to support a major rally once stagflation risks have subsided,” Moya said. “Bitcoin holds the $19,000 level but if Wall Street sell-off intensifies, bearish momentum could target just ahead of the $18,150 support level.”
Arcane Researchwhich provides curated cryptocurrency market reports, said investors should be cautious given the “ballooning” leverage.
Arcane Analyst Vetie Lunde said in a blog that “leverage in the crypto derivatives market goes full-on parabolic as BTC remains in a very directionless state.”
The analyst said current open interest has “exceeded well beyond any levels that could be considered sustained.”
Bitcoin Open Interest – Courtesy of Arcane Via Laevitas
The analyst once said that about Bitcoin federal reserve Once a “reasonably restrictive interest rate level” has been reached and inflation is easing, the Apex cryptocurrency could again “find room for a meaningful recovery.”
A note from glass node said it could be “several months” before a full recovery in bitcoin prices is seen, although the apex coin has shown some relative strength of late amid volatile traditional market construction.
“In many ways, many on-chain metrics, market structures and investor behavior patterns are spot on for a textbook bear market bottom,” said the on-chain analytics firm.
Glassnode said it found “relative neutrality” among small-to-medium address cohorts when it came to bitcoin accumulation. However, Accumulation Trend Scores for whales holding 1000-10,000 BTC highlight aggressive accumulation since late September.
Whales holding over 10,000 BTC have tended to have a weak distribution over the past few months, according to Glassnode.
Accumulation trend value by cohort – courtesy of Glassnode
The company said that large entities, particularly the 1,000-10,000 BTC wallets, contributed to a distribution event during a rally from March 2019 lows, while small retail-level participants with less than 1,000 BTC sustained strong accumulation in 2018 and 2019.
Meanwhile, the percentage of discussions about Bitcoin among the top 100 assets is only 12.8%, it tweeted mood.
The percentage of discussions related to #Bitcoin, among the top 100 investments, is just 12.8%. This is the lowest week in 7 months. And for a 10th straight week, that’s the crowd #bearish to $BTC. Both are historically favorable for price bottoms to occur. https://t.co/lH9LiRSeuJ pic.twitter.com/7ZfvhXuzve
— Santiment (@santimentfeed) October 11, 2022
“This is the lowest week in 7 months. And for a 10th straight week, that’s the crowd [bearish] to [Bitcoin]. Both are historically favorable for price bottoms to occur,” the market research platform said.
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