Altcoins
Dogecoin Price Retreats as Fear and Greed Index Pulls Back
Dogecoin price continued the sell-off that started on Friday after the US published the January jobs numbers. DOGE dropped to a low of $0.090 on Monday, significantly lower than the year-to-date high of $0.100. This decline was in line with that of other cryptocurrencies like Bitcoin and Ethereum.
Fear and greed drops
Dogecoin price declined sharply as a sense of fear spread in the financial market following the strong jobs numbers from the United States. These numbers revealed that the American economy continued adding jobs even as many big-cap companies announced mass layoffs. On Monday, Dell announced that it will lay off 5% of its workers. Other companies like Microsoft, Google, and Facebook have all laid off workers.
Therefore, with the broad economy adding more workers, there is a likelihood that the Fed will maintain its relatively hawkish tone in the coming months. It decided to hike rates by 0.25% last week, the smallest increase since last year. As such, with the rate of inflation substantially above the 2% target, analysts believe that the Fed has more room for hikes. Therefore, the fear and greed index has pulled back modestly,
At the same time, Dogecoin’s hashrate has continued rising in the past few months. It currently stands at 535 TH/s, which is a few points below its all-time high of 800 TH/s. This is a sign that Dogecoin is significantly healthy. A high hash rate shows that the number of guesses in the network is increasing. Recently, several proof-of-work coins have seen their hash rate jump. They include Litecoin and Bitcoin.
Dogecoin price prediction
Turning to the daily chart, we see that the DOGE price has been in a strong bullish trend in the past few days. It has now formed an ascending channel shown in black. This price is slightly above the lower side of the ascending channel. It has also formed what looks like a bearish flag pattern.
Therefore, the coin will likely continue falling as sellers target the lower side of the channel. If this happens, it will then resume the bullish trend and retest the upper side at $0.10. A move below the lower side of the channel will signal that there are still more sellers in the market.
XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.
Fundamentals
XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.
Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.
Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.
XRP price performance has been subdued over the past few years since the
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
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