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Good afternoon, and welcome to Market Wrap. In today's newsletter: |
- Price Action: Dogecoin continues to soar as Musk asserts himself at Twitter; bitcoin drops, while other major cryptos are mixed.
- Technical Take: DOGE's grand October finale outshines BTC and ETH gains for the month; personality and community trump more typical correlations.
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● CoinDesk Market Index (CMI): 1,021.30 −1.0% ● Bitcoin (BTC): $20,434 −1.3% ● Ether (ETH): $1,569 −1.6% ● S&P 500 daily close: 3,871.98 −0.7% ● Gold: $1,636 per troy ounce −0.2% ● Ten-year Treasury yield daily close: 4.08% +0.1 Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices. |
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Dogecoin (DOGE) was recently up 8% to continue its late October surge. The popular meme coin, which was created to mock the speculative nature of cryptocurrencies, spiked late last week as billionaire entrepreneur and DOGE advocate Elon Musk neared the completion of his $44 billion purchase of Twitter. Over the past four days, Musk has asserted his control over the social media platform. On Monday, he ousted Twitter's nine-person board. As CoinDesk analyst Glenn Williams wrote, DOGE's price fluctuations seem to stem from the power of Musk's personality and a passionate dogecoin community than the macroeconomic indicators that have been influencing bitcoin, ether and other major cryptos for months. DOGE's rise may correlate with excessive liquidations and a likely short squeeze, and the token may offer a shorting opportunity, Williams wrote. Bitcoin (BTC) spent Monday in the red and was recently down about 1.3% over the past 24 hours, although the largest cryptocurrency by market value remained comfortably over the $20,000 perch it assumed last week. Ether was up similarly over the same period and was changing hands above the $1,500 level that the second-largest crypto assumed a week ago. The CoinDesk Market Index (CMI), a broad-based market index that measures the performance of a basket of cryptocurrencies, recently rose 0.5% over the past 24 hours.
In traditional markets, the tech-heavy Nasdaq, Standard & Poor's 500 and Dow Jones Industrial Average (DJIA) all closed lower, although the indexes enjoyed a strong month amid faint hopes the U.S. Federal Reserve will ratchet back its hawkish monetary policy early next year. Investors will be eyeing the latest Federal Open Market Committee interest rate hike, which is widely expected to be a robust 75 basis points.
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Dogecoin's 102% Spike Steals the Spotlight as October Ends |
Dogecoin/USD Daily Chart (TradingView) |
Crypto markets fell on the final day of October, with bitcoin (BTC) declining 1.2% and ether (ETH) falling 1.8%. The two largest cryptocurrencies by market capitalization ended the month up 5% and 17%, respectively. Dogecoin (DOGE), the Shibu-Inu themed meme coin, led all gainers for October, rising 102%, about 90% of which occurred during the last week. DOGE remains a top 10 cryptocurrency by market capitalization at approximately $15.6 billion. Unlike BTC and ETH, whose fortunes appear tied to macroeconomic factors, burn rates and centralized exchange balances, dogecoin's appeal appears to stem from community, personality (Elon Musk) and the opportunity for outsized gains within a rapid period of time. |
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Biggest Gainers Biggest Losers |
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements. |
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- Ether Sees Biggest Weekly Gain in 3 Months, ETH-BTC Rally to Continue: Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. The recent positive change in ether's tokenomics are helping the cryptocurrency outperform industry leader bitcoin. Read more here.
- Dogecoin Futures Rack Up Nearly $90M in Liquidations Over Weekend in Unusual Move: Dogecoin trading over the weekend saw the Shiba Inu-themed meme coin reach a market capitalization of over $10 billion, adding over 90% in value over the past week. There's some $647 billion of open interest on dogecoin futures as of Monday. Read more here.
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CoinDesk dives into all sides of crypto trading, from practical strategies to how traders stay sane amid market turmoil and torrents of incoming information. Tune in for a mix of features, TV interviews, op-eds and research. Read Trading Week here. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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