Ether Nears $2.7K, Dogecoin Zooms 9% as Crypto Market Remains Cheery
Ether is edging closer to the $2,700 mark while Dogecoin has surged by 9%, adding to the overall positive vibe in the cryptocurrency market.
The total crypto market capitalization experienced a minor dip, yet optimism and investments continue to flow in, especially with altcoins showing bullish movements.
Both Ether and Dogecoin have spearheaded significant gains by soaring 9%, maintaining an upward trend seen in recent weeks. The broader crypto landscape noted a 1.7% increase in total capitalization, with Bitcoin trading around $103,700.
Despite these notable upticks, traders are exercising caution due to the strength of the dollar and ongoing trade uncertainties that could prompt short-term profit-taking activities.
Ether Nears $2.7K, Dogecoin Zooms 9% as Crypto Market Remains Cheery
Crypto market cap dips slightly, but positive sentiment and inflows persist amid bullish altcoin moves.
- Ether and dogecoin led major gains with a 9% increase, continuing a bullish trend over the past week.
- The broader crypto market saw a 1.7% rise in total capitalization, with bitcoin hovering around $103,700.
- Despite strong gains, traders are cautious due to a stronger dollar and trade tensions, which may lead to short-term profit-taking.
With various altcoins displaying green streaks, traders are acknowledging external market influences and anticipating potential profit-taking scenarios in the immediate future. The resurgence of a robust dollar and trade tensions are somewhat dampening the pace even as Bitcoin teeters near its all-time high levels.
As global economic sentiments transition from protectionist concerns to tentative positivity, Bitcoin finds itself at a crossroads. Traders are grappling with conflicting outlooks for the digital asset amidst evolving market dynamics.
Nonetheless, market sentiment remains resilient. The Fear & Greed Index, a key barometer of market sentiment, has been holding above 70 for four consecutive days — indicating a "greedy" phase often associated with enduring bullish interest in the short run.
Reflecting this positive outlook, Kuptsikevich noted Bitcoin's unpredictable behavior on Monday but emphasized that prevailing optimism warrants monitoring price fluctuations around $105K. Will there be a surge or another setback? This question will be pivotal in shaping future trading sessions.
Institutional investors seem undeterred by these fluctuations as CoinShares data reveals hefty institutional inflows totaling $882 million last week — marking three straight weeks of substantial investment activity within the sector.
