Bitcoin, Ethereum, Dogecoin Surge: Analyst Sees Crypto Bounce “Lasting a Little Longer

Major coins were trading higher on Wednesday night, while the global cryptocurrency market capitalization rose 0.9% to $941.55 billion as of 1 p.m. 8:11 PM EDT.

Price development of the most important coins

coin 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) 2% 5.1% $19,482.94
Ethereum (CRYPTO: ETH) 0.9% 7.4% $1,341.98
Dogecoin (CRYPTO:DOGE) 0.1% 6% $0.06

Top 24-Hour Gainers (data via CoinMarketCap)

Cryptocurrency 24 hour % change (+/-) Price
helium (HNT) +8.9% $5.23
syntheticix (SNX) +8.65% $2.46
kava (CAVA) +6.3% $1.6

Also see: How to get free NFTs

Why this matters: Bitcoin and Ethereum was trading higher after shares rose on Wednesday. The S&P 500 and Nasdaq closed up 2% and 2.05%, respectively. US stock futures were slightly down and largely flat at the time of writing.

It announced on Wednesday Bank of England said it would start buying long-term bonds to stabilize UK government bond yields.

GlobalBlock– Analyst Marcus Sotiriou said in a note seen by Benzinga that the Bank of England is not helping itself by resuming quantitative easing while raising interest rates.

“There is a clear lack of trust right now Bank of England and the UK Treasury as shown by the market with volatile currency movements,” said the analyst for the digital asset broker.

“This raises the notion that cryptocurrencies can offer a solution to this mess, a way out of relying on a small selection of individuals to provide economic stability.”

OANDA Senior Market Analyst Edward Moya said, “Bitcoin is higher but still below $20,000 as investors quickly reinvest in risky assets.”

“If the stock market rally is able to overcome fears of a hard landing, it should provide a nice backdrop for cryptocurrencies. This broad risk rally does not appear to have legs to stand on, but this rally may take a little longer,” the analyst said.

Meanwhile, the US dollar index rose to 114.68 on Wednesday – the highest level in two decades. The index is a measure of the dollar’s strength against a basket of currencies.

The cryptocurrency trader Justin Bennett said the dollar index on Wednesday confirmed a “bearish divergence” from a 10-month level. He said this is bullish for both stocks and cryptocurrencies.

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Michael van de Poppe said he would like to see Bitcoin hold $19,300 as support. The cryptocurrency trader said that if that is the case, the Apex coin could test the $20,700 and $22,500 levels.

On the Ethereum side, whales have only gotten fatter with time. The top 10 unlisted and top 10 listed addresses now hold nearly 32 million ETH – twice as much as four years ago.

“The top 10 non-exchange names now hold $23.3m of ETH compared to the top 10 exchange names that hold 8.6m,” the market intelligence platform said shrine on twitter.

Continue reading: Terra founder Do Kwon denies reports that he withdrew money shortly after the warrant was issued

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