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Dogecoin Outpaces Bitcoin, Ethereum — Analyst Says “Q4 Solvent Rally Is On The Horizon” For This Major Coin – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Cryptocurrencies were seen at an all-time high Tuesday night as the global cryptocurrency market capitalization rose 2.7% to $970 billion at 8:17 PM EDT.


Price performance of large coins
Coin 24 hours a day 7 days Price
Bitcoin BTC/USD 3.2% 5.9% $20,286.32
Ethereum ETH/USD 2.9% 2.4% $1,363.23
Dogecoin DOGE/USD 8.55% 7.9% $0.065

Top 24-hour winners (data via CoinMarketCap)
Cryptocurrency 24-hour % change (+/-) Price
Convex finance (CVX) +9.5% $5.39
Dogecoin (DOGE) +8.4% $0.065
Elrond (EGLD) +6.1% $55.35

See also: How to get free NFTs

Why it matters: Cryptocurrencies followed gains in stocks on Tuesday, as the S&P 500 and Nasdaq closed 3.1% and 3.3% higher, respectively. At the time of writing, US stock futures were marginally in the red.

The return of risk appetite was triggered by PMI figures released this week, which indicate weakness. Traders speculated that this could prompt central banks to become more dovish.

“If it sounds like a straw man, that’s probably because it is, but then the stock markets have had a rough ride recently and it can’t last forever,” said Craig Erlama senior market analyst at OANDA.

Especially on Tuesday Reserve Bank of Australia raised interest rates by a less-than-expected 25 basis points, pointing to previous significant increases, Reuters reported.

“The slight disconnect between Bitcoin and other risk assets has been interesting recently. We’ve seen more resilience during downturns and seemingly less enthusiasm during rallies,” Erlam said, in a note seen by Benzinga.

“It will be interesting to see if this relationship holds and what it means going forward.”

Among coins with a large market cap, Dogecoin saw significant gains on an intraday basis. Bellwether memecoin surged after Tesla Inc TSLA CEO Elon Musk revived its offer to buy Twitter for $54.20 per share.

Musk, a DOGE bull, is said to gravitate toward integrating the memecoin into Twitter should he continue to own Jack Dorsey-founded platform for social media.

Dogecoin Whale Transactions & Funding Rates Rise – Both Signal Price Direction Change, Market Intelligence Platform Tweeted Holy on Tuesday.

Michael van de Poppe said it is time for the dollar index, a measure of the dollar’s strength against six of its peers, to see a “little bounce.”

The Amsterdam-based cryptocurrency trader said he expects poor unemployment figures on Friday and then expects the indices to continue.

“Q4 solvency rally is on the horizon for Bitcoin,” van de Poppe tweeted.

Meanwhile, Bitcoin miners are on the brink of “acute revenue stress,” according to on-chain research firm. Glass nodewho used the difficulty regression model to reach that conclusion.

The model is an estimate of the all-in sustaining production costs of the apex coin. Glassnode tweeted that Bitcoin has “traded very close to the estimated production price since the June sale.”

Read next: Argentina’s energy company mines Bitcoin using residual gas

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