Markets: Dogecoin reenters top 10 tokens by market cap, Bitcoin and Ethereum up
Crypto markets continued their recovery streak in Tuesday evening trade in Asia with Bitcoin rising over 4% in the past 24 hours to be the second-highest gainer among the top 10 tokens by market capitalization, only behind XRP. Despite a 4.3% recovery, Ethereum was still down over 20% over the past seven days in the wake of “The Merge” last Thursday.
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Bitcoin rose 4.8% in the past 24 hours to trade at US$19,364 at 4:30 p.m. Hong Kong time, while Ethereum gained 4.4% to trade at US$1,360, according to CoinMarketCap.
In contrast to other major tokens which were trading lower over the past seven days, XRP was up 8.9% at US$0.379, bringing its weekly gain at 6.2% as the SEC and Ripple seek an early conclusion to a 21-month lawsuit.
Dogecoin, the market’s biggest “memecoin,” reentered the top ten tokens by market capitalization, overtaking Polkadot, which slid 17.4% this week. As a result of the Ethereum merge, Dogecoin is now the second largest crypto operating on a proof-of -work protocol, after Bitcoin.
Stocks in Shanghai and Hong Kong closed up 0.2% and 1.3%, while the Nikkei 225 index was up 0.4%, following gains in U.S. markets ahead of the Federal Reserve’s planned announcement of interest rates for this Wednesday.
The ICE U.S. Dollar Index, which measures the currency against a basket of its biggest trading partners, softened slightly over the past five days, according to MarketWatch. However, the index has grown over 14% year-to-date, on track for its largest increase in 38 years since the index’s inception.
The price of the U.S. dollar can affect cryptocurrency markets, according to chief operating officer and cofounder of CoinGecko, Bobby Ong. “With a stronger U.S. dollar, investors are more willing to hold or convert their riskier assets back into the U.S. dollar, or its equivalent in stablecoins – giving rise to an inverse relationship between the dollar and cryptocurrency markets,” he told Forkast in an email.
See related article: Markets: Bitcoin back above US$19,000 while Ether posts strongest gains since post-Merge