Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – Bitcoin, Ethereum, Dogecoin Spike Amid Risk Rally: Why a Red September Could Present a “Great Buying Opportunity” for Investors

Bitcoin and Ethereum rose late Wednesday as the global cryptocurrency market cap rose 2.95% to $974.2 billion as of 8:11 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 2.45% -3.8% $19,296.02
Ethereum ETH/USD 4.5% 4.9% $1,630.51
Dogecoin DOGE/USD 3.7% -0.6% $0.06

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Helium (HNT) +57.02% $5.33
EOS (EOS) +19.3% $1.66
Curve DAO Token (CRV) +12.4% $1.17

See also: How to get free crypto

Why is this important: Cryptocurrencies were buoyant after risky assets staged a rally on Wednesday. The S&P 500 and Nasdaq rose 1.8% and 2.1% intraday, respectively.

However, stock futures were flat at the time of writing as investors awaited the latest jobless claims data due Thursday.

The dollar index, a measure of the greenback’s strength against a basket of six currencies, was trading down 0.08% at 109.75.

Trader in cryptocurrency Justin Bennett said the dollar index is “collapsed” from a rising wedge on its chart.

“109.30 is the next big test. But as long as the dollar is weak, expect relief for [stocks] and [crypto]”, Bennett said on Twitter.

Michael van de Poppe said a “nice new test” is underway on total market capitalization on the 200-week moving average.

“This implies a significant buying opportunity for you on the [crypto] markets like [the dollar index] also peaks,” he said on Twitter.

September is a negative month for the apex coin if monthly returns are any indicator, with Global block analyst Marcus Sotiriou pointing out that Bitcoin finished in the red seven out of the last nine months of September.

Monthly Bitcoin Returns – Courtesy of GlobalBlock

“Bitcoin is already down more than 5% this month and 7 of the last Octobers have been green. could result in a great buying opportunity,” the digital asset broker analyst said.

OANDA senior market analyst Craig Erlam said the risk environment indicated a “major headwind” for Bitcoin and “the technical setup no longer looked promising.”

“The question now is whether we might see another spiral, as we have seen so often in the past, should bitcoin break through summer lows around $17,500 to trade at levels end of 2020,” Erlam said, in a note seen by Benzinga.

CryptoQuant CEO Ki Young Ju tweeted that eight-year-old Bitcoin to the tune of 15,000 coins was moved over ten days, with some being sent to the cryptocurrency exchange kraken.

Ki said the community analytics platform found that whales were likely the first visionaries who accumulated bitcoins through mining and trading and coins from the bitcoin exchange Cryptsy just before that. it is hacked.

Read more : Binance US Launches Ethereum (ETH) Staking with 6% APY Ahead of Merger

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