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

Cryptocurrencies rose Tuesday evening as the global cryptocurrency market cap rose 2.7% to $970 billion as of 8:17 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 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 gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Convex Finance (CLC) +9.5% $5.39
Dogecoin (DOGE) +8.4% $0.065
Elrond (EGLD) +6.1% $55.35

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Why is this important: Cryptocurrencies trailed equities’ gains on Tuesday, as the S&P 500 and Nasdaq closed up 3.1% and 3.3%, respectively. At the time of this writing, US stock futures were slightly in the red.

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

“If it looks like straw, it’s probably because it is, but then the stock markets have had a rough patch lately and that can’t last forever,” he said. Craig Erlamsenior market analyst at OANDA.

In particular, Tuesday, the Reserve Bank of Australia raised interest rates by 25 basis points, less than expected, indicating earlier substantial hikes, Reuters reported.

“The slight disconnect between Bitcoin and other risky assets has been interesting recently. We saw more resilience during slowdowns 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 that means for the future.”

Among the large market cap coins, Dogecoin saw considerable gains on an intraday basis. Flagship memecoin rose after Tesla Inc TSLA CEO Elon Musk relaunched the offer to buy Twitter for $54.20 per share.

Musk, a DOGE-bull, is said to be gravitating towards integrating memecoin into Twitter if he continues to own the Jack Dorsey-founded a social media platform.

Dogecoin whale trades and funding rates soared — two harbingers of a change in price direction, the market news platform tweeted. Saniment tuesday.

Michael van de Poppe said it was time for the dollar index, a measure of the greenback’s strength against six of its peers, to see a “slight rebound”.

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

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

Meanwhile, Bitcoin miners are on the brink of “acute stress on earnings,” according to on-chain analytics firm glass knotwho used the difficulty regression model to come to this conclusion.

The model is an estimate of the all-inclusive production cost for the apex coin. Glassnode tweeted that Bitcoin is “trading very close to its estimated cost of production since the June selloff.”

Read more : Argentine Energy Company Mines Bitcoin Using Waste Gas

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