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Dogecoin (DOGE) Rallies 8% After Elon Musk Call Its People’s Crypto

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While the broader cryptocurrency market has entered strong consolidation, mem crypto Dogecoin made a strong move after Elon Musk called its people’s cryptocurrency. In his recent Tweet response, Musk explained his reason to support DOGE after calling it people’s crypto. Musk said:

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

Earlier this year in May 2021, Elon Musk also declared that it will accept payments in Dogecoin for its upcoming space missions. As per the recent survey by Finder, the United States has doubled the adoption rate of DOGE in comparison to the rest of the world. The report notes that one-third of crypto investors in the U.S. are invested in Dogecoin superseding even Bitcoin (BTC) and Ethereum (ETH).

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Elon Musk has been an ardent supporter of Dogecoin (DOGE) and has shown major interest in supporting the Dogecoin ecosystem. While Dogecoin has been consolidating over the last few weeks, Shiba Inu (SHIB) has taken the lead.

Shiba Inu eyes A Spot In Top Ten Crypto List
Over the last month, Shiba Inu (SHIB) has skyrocketed over 500% while hitting an all-time high of $0.000042 on Sunday, October 24. As of press time, it is trading close to its ATH levels.

One of the Twitters users asked Elon Musk whether if he holds SHIB to which musk denied saying he holds only Dogecoin among meme cryptocurrencies. As per on-chain data provider Santiment, the crowd sentiment is currently negative for Shiba Inu, however, the meme cryptocurrency has always rallied whenever the euphoria cools off.

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Meme cryptocurrencies including DOGE and SHIB have rallied significantly this year giving multifold returns to investors. It will be interesting to see if SHIB joins DOGE in the top ten crypto-list going ahead.

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Ethereum Price Analysis: ETH gains 20 percent from the Sunday low, peaks at $4,750?

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  • Ethereum price analysis is bearish for the rest of today.
  • ETH/USD saw further upside above $4,550 previous high.
  • Resistance is currently found at $4,750.

Ethereum price analysis is bearish today as we expect a retracement to follow after a strong spike higher was seen again today. However, ETH/USD bulls are likely exhausted after reaching $4,750, and we can expect a retracement over the next 24 hours.

Ethereum Price Analysis: ETH gains 20 percent from the Sunday low, peaks at $4,750? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum continue today. The market leaders, Bitcoin and Ethereum, have gained 2.45 percent, while Ethereum 8.1 percent. Meanwhile, the rest of the top altcoins follow with similar results.

Ethereum price movement in the last 24 hours: Ethereum retests $4,400 as support, spikes to $4,750

ETH/USD traded in a range of $4,332.10 – $4,753.27, indicating strong volatility over the last 24 hours. Trading volume has increased by 37.24 percent, totaling $26.25 billion, while the total market capitalization trades around $555.6 billion, resulting in a market dominance of 20.73 percent.

ETH/USD 4-hour chart: ETH rejects further upside at $4,750

On the 4-hour chart, we can see the Ethereum price reacting after reaching the $4,750 resistance, likely indicating the end of the current rally.

Ethereum Price Analysis: ETH gains 20 percent from the Sunday low, peaks at $4,750?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen strong bullish momentum return since Sunday. The rally came after a strong drop of almost 15 percent on Friday when Ethereum found support at $3,950 once again. 

From there, consolidation followed until another test of the support was seen late in the weekend. Bulls quickly rejected further downside, leading to a swift rally higher over the next 24 hours.

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By the start of Today, Ethereum price had already cleared past the $4,400 previous resistance. After a slight retracement, another more upside followed Today, leading ETH to a new high at  $4,750.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we saw strong resistance reached at $4,750 after a 20 percent advance over the past days. Therefore, we assume bulls are exhausted, and ETH/USD should be headed for a retracement later today.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Bitcoin close to US$57,000, Omicron and Hard Fork variant from BSC – Market Summary

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This Tuesday (30), although bitcoin (BTC) has not yet managed to surpass the level of US$59,000, altcoin Shiba Inu (SHIB) increased about 30% after being listed on brokerage Kraken.

Check out today’s Market Summary the focus of local investors, who have moved from the new Covid variant to the Precatório PEC, and the news on the cryptocurrency market that could impact your portfolio.

Bitcoin and the stock market

Over the weekend, bitcoin suffered from the high volatility of the cryptocurrency market as well as fears over the new Covid variant. So it was trading lower, close to $55,000.

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Consequently, the drop ended up suggesting to some investors that the correlation between Bitcoin and the stock market would be greater than we had imagined.

One good thing about Bitcoin is that it tends not to be correlated with most other major asset classes. In particular, outside of liquidity crises, where everything tends to move in parallel, Bitcoin and the stock market have largely been decoupled.

According to analyst firm Ecoinometrics, Bitcoin’s recent downward movements do not necessarily condition a correlation between the two markets. As the company says, “just zoom out”. For a long period of time, Bitcoin was not correlated with the stock market.

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“Cracks are exactly what you expect during a liquidity crisis and a recovery fueled by printing money,” according to Ecoinometrics. “When Bitcoin establishes itself in periods of lower volatility, the correlation with the stock market increases. When we have volatility peaks, the correlation goes back to zero,” he added.

So, for all practical purposes, you can still regard the BTC and the stock market as standalone bets.

Correlation between Bitcoin, MicroStrategy and Nasdaq shares – Source: Ecoinnometrics

At the moment, the leader of cryptocurrencies is trading at US$ 56,998 – R$ 319,261 in the main Brazilian brokers, according to CoinGoLive. Its market capitalization is still below $1.1 trillion and dominance below 40%.

Ômicron scares

The strong tumble of global markets last Friday opened room for a correction movement in most risky assets on the Brazilian stock exchange yesterday.

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Brazilian investors, attentive to the progress of the Precatório PEC and without neglecting the news about the omicron variant of the new coronavirus, saw the Brazilian stock market close with a moderate rise. Stock market rose 0.58%.

After some discomfort with reports that the government is considering a new “war budget” if the PEC dos Precatórios does not pass, the speech of the secretary of the National Treasury, Paulo Valle, reinforced that the government does not have a “plan B” for the aid Brazil.

At the same time, the president of the Senate, Rodrigo Pacheco (PSD-MG), reiterated that the PEC can be analyzed by the House’s plenary on Thursday.

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Read more: Federal Police are in panic because of cold bitcoin wallets, says newspaper

In the exchange market, the real ended up falling. The correction of emerging currencies was uneven, amidst the discussion about what will be the Fed’s monetary policy reaction to the omicron threat. Therefore, the American currency closed up 0.28%, to R$ 5.61.

Binance Smart Chain prepares to fork

Most altcoins have remained relatively calm on a daily scale. Ethereum (ETH) has an increase of less than 2% in one day, but is above $4,400. A few days ago, ETH had dropped to less than $4,000.

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Binance Smart Chain (BSC), the blockchain created by the eponymous brokerage, is getting ready to go through a hard fork on Tuesday.

The upgrade to version v1.1.5 of the BSC, dubbed ‘Bruno’, will be done during block 13,082,000 and represents a complete fork of Binance’s core network, needed to introduce a number of ecosystem improvements.

The main change in this update is the introduction of a new real-time token burning engine, first introduced in late October in proposed BEP-95 enhancements. In addition to the new economic model, the hard fork ‘Bruno’ also promises to speed up the synchronization of nodes by more than 60%.

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Despite the lull among altcoins, Shiba Inu (SHIB) jumped about 30% after being listed on brokerage Kraken.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (+3.32%), Binance Coin (+1.10%), Solana (-1.06%), Cardano (+0.08%), Ripple (+0.84%), Polkadot (+0.91%), Dogecoin (+6.03%), Shiba Inu (+30.07%), Avalanche (+7.73%) and Earth (+10 .90%).

According to CoinGoLive, the market capitalization of all crypto assets rose to $2.7 trillion on Tuesday.

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Follow the crypto market news on the Cointimes Telegram group (log in) and have a great day of trading.

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Bitcoin, Ethereum, Binance, Shiba Inu Price Analysis ‒ 30 November Morning Prediction

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  • Global crypto market cap reaches its high of $2.63T once again.
  • Bitcoin shows green charts and shows stability while maintaining $58K.
  • Ethereum leaves $4.5K in the dust after a 7.05% value increase.
  • Binance Coin closes the gap between itself and $680 after an 8.90% increase this week.
  • SHIB is today’s top gainer after seeing a rise in value after global crypto value increase.

Once again, we’re seeing a standard of bullish runs in the crypto market as prices rise high and our Top 4 currencies display green charts that seem to have surprised investors who didn’t expect the trend to go on for longer than a day or two, the same as last week.

However, after the global crypto market cap has seen an increase of 3.05% since the last day and has raised itself to $2.63T, it raises hopes along with it that this time, the effects of the bullish trend will last longer. Bitcoin continues to dominate the crypto market by 41.34%, and the major altcoins accelerate their speeds in raising their

prices to catch up.

This trend has given hope to investors that we might be entering back up to our previous standards of cryptocurrency that were thought to have been left behind three months ago. Let’s take a look at the various influxes on our top currencies.

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$60K price value within Bitcoin’s reach?

The last two days have been blissful for Bitcoin investors, but not so much for Bitcoin buyers as prices increase once more. Bitcoin has grazed the surface of $58,000 once more, and investors keep a close eye on the market to ensure that the bullish run sees through to $60k.

After all, hope had been lost last week when Bitcoin saw as low as $53,500 price decrease; investors are keenly watching as Bitcoin prices rise and drop a few hundred dollars every hour or so. Most forecasters are trying to predict whether Bitcoin can see the light of $60k shining over the horizon, but all is uncertain as Bitcoin stands at a $58,200 price.

Bitcoin Chart
Source: CoinMarketCap

Its market cap has seen a 1.98% increase and has raised to $1.097T, while its trading volume per twenty-four hours is at $34.32B.

Ethereum and Binance investors rejoice at new highs

After seeing a mindboggling low of $3.9k, Ethereum makes a sudden leap and has raised itself by $308. Ethereum has since surpassed $4.5k after investors had thought it would keep itself stationary around $4.3k, but instead, Ethereum has jumped to $4,615 in price.

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Ethereum Chart
Source: CoinMarketCap

After the highest gross price we saw at the beginning of the month, it finally seems like Ethereum has set its sights on breaking its records for the year and is reaching $4.8k once more. Our biggest query is, will ETH go above and beyond to pass its yearly high? With its trading volume of $22.39B over the last day, it certainly seems possible!

Binance Chart
Source: CoinMarketCap

As for Binance, investors think BNB is making a dashing effort to reach its ultimate high of $670 as well. After seeing a 1.63% increase, a huge step for a below-1K priced coin, Binance has risen its value to $626. Trading 4.063M BNB per day, things are looking up for 3rd ranker.

Shiba Inu, reigning superior over Dogecoin?

It seems that in the last twenty-four hours, SHIB has taken advantage of the recent global turnout and has been flourishing, sighting massive gains over the past few hours. Created anonymously and intended to be Dogecoin‘s successor as the leading memecoin, the sight of SHIB’s gains has amused investors throughout the world.

SHIB chart
Source: CoinMarketCap

After displaying 35.03% gains within the last day, SHIB has raised itself to a higher standard after gaining popularity throughout the past month. Although its price is $0.000052, lesser than Dogecoin’s, its market dominance reigns supreme as it traded $8.95B on the last day.

Conclusion

We’re seeing high horizons over the coming days; the crypto market’s vastness leaves us hoping for more and keeps us on the edge of our seats as we anticipate what comes next. Some people continue to be skeptical while gaining has led others to become more hopeful for price increases and record-breakers.

What’s up with Shiba Inu, soon to be the most “popular” memecoin? Launched earlier this month, the Shiba Coffee Company sells a variety of SHIB-branded coffee at a starting price of $16.99. Customers can buy their coffee in SHIB, and 10 percent of the company’s proceeds are then directed towards SHIB burning. Meanwhile, whales added 42% more #ShibainuCoin to their wallets in the last 24 hrs. And now, this:

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Investors continue to watch out for news of bearish runs, knowing just how bipolar the crypto market is when it comes to displaying certain standards that make it all the more exciting to dabble in. Did you take advantage of the dip? Please tell us in your comments below

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