He had some bite – End of a month, beginning of a new one: an assessment is essential for the crypto markets. Elon Musk will have given the holders of the Dogecoin (DOGE), all the reasons to rejoice in October. The cryptocurrency is one of the big winners from the Tesla founder’s $44 billion acquisition of Twitter.
Green October: Dogecoin marks its territory
The DOGE award a exploded 101% over the past month, making both crypto giants cheesy in terms of market capitalization. With respective monthly earnings of 5.5% and 18%Bitcoin (BTC) and Ether (ETH) will always be able to console themselves with “the main thing is that it was a month in the green, despite the bear markets”.
The two cryptocurrencies could not compete with a Dogecoin that can count or hope – it depends – the unconditional support of his Dogefather. Musk could now use one of the world’s biggest social media outlets to increase the utility and value of the canine token.
In the past, the Tesla founder had joked – unless he was really serious – on a pricing of 0.1 DOGE per tweet. Some now expect Dogecoin to become one of the main currencies that contribute to the growth of the bluebird.
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Last quarter: encouraging start for Bitcoin and Ether
What a great story it was for a Dogecoin, with a very warm October, contrasting with the freezing of the markets during a lingering crypto winter.
For Bitcoin, the markets rejoiced at a return above $20,000 on October 25th. A first for 18 days. But since this reconquest, the bulls remain stuck in the transit zone. Looking forward to the next FOMC announcements in the United States to see the next decisive move. Could it be a recovery from $21,000, or a relapse below $20,000?
Ether, meanwhile, continues to benefit from the bullish hopes born out of September’s The Merge. The rate of production of new tokens, and therefore the overall supply, decreased significantly after this switch from proof-of-work to proof-of-stake.
November, will it be necessary to descend or resume the old key levels lost since the beginning of the bear market ? Whether or not changing macroeconomic conditions wake up Bitcoin, for a long recovery. As for Dogecoin, Elon Musk could have other surprises in store, even if he has already done well by storming the premises of Twitter, washbasin in hand, and asking the engineers of the social network to print their code lines.
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