Dogecoin Explodes 30% to 5-Month High After the Musk-Twitter Deal

October 29, 2022 William Johnson Cryptocurrency News 0

Dogecoin Explodes 30% to 5-Month High After the Musk-Twitter Deal

Bitcoin is back to its bullish mode following the improved volatility yesterday and is close to breaking above $21,000.

The altcoins are also in the green daily, led by Dogecoin’s massive gains after the Musk-Twitter deal.

Bitcoin Retaps $21K

The past several days have been significantly more eventful for the cryptocurrency industry and the market price movements. Bitcoin stood still at $19,000 until the middle of the week when it shot up to over $20,000 for the first time in about 20 days.

After a brief retracement, it initiated another leg-up that resulted in a multi-week high of around $21,000. The asset retraced on Friday as the ECB announced the latest interest rate hike by 75 basis points, bringing BTC back to $21,000.

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More volatility came when the US outlined the personal income numbers for September. Nevertheless, the bulls have prevailed so far as they pushed the cryptocurrency north to its current level of around $21,000.

Consequently, bitcoin’s market capitalization is up to $400 billion. At the same time, its dominance over altcoins has taken a slight hit, as many of them are in the green today.

Dogecoin Skyrockets Again

The altcoins retraced yesterday, but the landscape is entirely different today. Ethereum is back in the green with a massive 9% increase. As a result, the second-largest crypto trades well above $1,600 – the highest level it has seen since the completion of the Merge.

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Binance Coin has reclaimed $300 following a notable 6.5% daily jump. Ripple, Cardano, Solana, MATIC, Polkadot, and Avalanche have also painted impressive gains. SOL and AVAX are up by double digits.

However, today’s best performers are the two-largest meme coins by market cap. Dogecoin has skyrocketed by over 30% in a day and has jumped above $0.1 for the first time since May. The asset has reacted quite well to Musk’s Twitter purchase, up by 70% weekly. It has also returned in the top 10 most significant digital assets by market cap. Shiba Inu, perhaps mimicking its rival, is up by 17% and trades at $0.000013.

With lower- and mid-cap alts charting notable gains, the crypto market cap has added $40 billion. As a result, the metric has shot up to well above the coveted $1 trillion line.

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About William Johnson 343 Articles
Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.