• Latest
Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins

Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins

May 29, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins

coinnewsdaily by coinnewsdaily
May 29, 2021
in Alt Coin
0
Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Every cryptocurrency bull market has at least one surprise catalyst that arrives out of nowhere to excite traders and spark huge trading volumes that raise the entire market capitalization to new highs.

The 2021 bull market is no exception to this rule, and one of the biggest catalysts for growth this year has been the explosive popularity of Dogecoin (DOGE), that has made headlines from conventional and alternative financial circles as its price surge to fresh all-time highs over the past few months.

With such tremendous growth occurring in only a few short months, it is only natural for dealers to make moves which help lock in gains and then search for the next possible mover to put money into.

The purchase price action for DOGE even caught the eye of Jon Bollinger, inventor of Bollinger Bands, that on May 3 tweeted”$Dogeusd placed in a shirt, fell by 65 percent, and is currently knocking on the door again while $dogebtc is breaking . Simply amazing price actions.””

Dogecoin was trading near $0.40 at the time of the tweet but has since skyrocketed 80 percent to a new all-time high at $0.69. After today’s strong rally, Bollinger to submitted the next tweet as a word of information to DOGE dealers:

I think that ll you dog fans better start thinking about a shirt here.

— John Bollinger (@bbands) May 5, 2021

And it seems that some dealers had similar notions or took Bollinger’s words to center on May 5, as the purchase price of DOGE experienced a pullback of 25 percent before regaining near the 0.60 level.

Large-cap altcoins benefit from Dogecoin’s momentum

Several observant dealers, including Digital Currency Group creator Barry Silbert, pointed out that a good deal of DOGE’s trading activity has occurred on the Robinhood trading program and that the other cryptocurrencies readily available on the platform might benefit from traders rolling profits over from DOGE into slower performing cryptocurrencies.

This turned out to be a prescient viewpoint, as most of the major cryptocurrencies on Robinhood have seen double-digit gains on May 5, while the purchase price of DOGE has experienced a 25 percent pullback.

No other alts on RH yet.

Anticipate RH listings to be a major driver of future yields. pic.twitter.com/i37zaJwGh9

Ethereum Classic (ETC) has been one of the largest beneficiaries of the change in capital, which aided the Ethereum fork blast to a new record high of $100 on May 5. At precisely the exact same period, BTC Cash (BCH) and BTC SV (BSV) have seen gains in the 25%–30 percent array.

While the percent growth seen in the purchase price of Litecoin (LTC) is less than that of another replicas recorded on Robinhood, LTC’s 15% rally pushed the altcoin to a new multiyear high of $351. This places LTC price less than 7 percent below its previous all-time high at $375.

Alex
LTC/USDT 4-hour graph.According to info from Cointelegraph Markets Guru, market conditions for LTC are beneficial for some time.The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a blend of data points including market sentiment, trading volume, current price movements and Twitter activity.

Altcoin
VORTECSâ„¢ Score (green) vs. LTC price. Source: Cointelegraph Markets Pro

As seen on the graph above, the VORTECSâ„¢ Score for LTC started to pickup on April 29 and maintained an elevated level during the next four times before hitting a high of 68 on May 2, around 11 hours before the price increased 35% during the next three days.

With DOGE still trading over $0.58 at the time of writing and hype is ongoing to build before Elon Musk’s look on the comedy sketch show Saturday Night Live, the bullish price action for LTC and another cryptocurrencies on Robinhood could last as retail dealers new to the crypto market flock to the popular meme coin.

The perspectives and opinions expressed here are solely those of the writer and don’t always reflect the views of Cointelegraph. Every single investment and trading move involves danger, and you must conduct your own research after making a decision.

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022

Every cryptocurrency bull market has at least one surprise catalyst that arrives out of nowhere to excite traders and spark huge trading volumes that raise the entire market capitalization to new highs.

The 2021 bull market is no exception to this rule, and one of the biggest catalysts for growth this year has been the explosive popularity of Dogecoin (DOGE), that has made headlines from conventional and alternative financial circles as its price surge to fresh all-time highs over the past few months.

With such tremendous growth occurring in only a few short months, it is only natural for dealers to make moves which help lock in gains and then search for the next possible mover to put money into.

The purchase price action for DOGE even caught the eye of Jon Bollinger, inventor of Bollinger Bands, that on May 3 tweeted”$Dogeusd placed in a shirt, fell by 65 percent, and is currently knocking on the door again while $dogebtc is breaking . Simply amazing price actions.””

Dogecoin was trading near $0.40 at the time of the tweet but has since skyrocketed 80 percent to a new all-time high at $0.69. After today’s strong rally, Bollinger to submitted the next tweet as a word of information to DOGE dealers:

I think that ll you dog fans better start thinking about a shirt here.

— John Bollinger (@bbands) May 5, 2021

And it seems that some dealers had similar notions or took Bollinger’s words to center on May 5, as the purchase price of DOGE experienced a pullback of 25 percent before regaining near the 0.60 level.

Large-cap altcoins benefit from Dogecoin’s momentum

Several observant dealers, including Digital Currency Group creator Barry Silbert, pointed out that a good deal of DOGE’s trading activity has occurred on the Robinhood trading program and that the other cryptocurrencies readily available on the platform might benefit from traders rolling profits over from DOGE into slower performing cryptocurrencies.

This turned out to be a prescient viewpoint, as most of the major cryptocurrencies on Robinhood have seen double-digit gains on May 5, while the purchase price of DOGE has experienced a 25 percent pullback.

No other alts on RH yet.

Anticipate RH listings to be a major driver of future yields. pic.twitter.com/i37zaJwGh9

Ethereum Classic (ETC) has been one of the largest beneficiaries of the change in capital, which aided the Ethereum fork blast to a new record high of $100 on May 5. At precisely the exact same period, BTC Cash (BCH) and BTC SV (BSV) have seen gains in the 25%–30 percent array.

While the percent growth seen in the purchase price of Litecoin (LTC) is less than that of another replicas recorded on Robinhood, LTC’s 15% rally pushed the altcoin to a new multiyear high of $351. This places LTC price less than 7 percent below its previous all-time high at $375.

Alex
LTC/USDT 4-hour graph.According to info from Cointelegraph Markets Guru, market conditions for LTC are beneficial for some time.The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a blend of data points including market sentiment, trading volume, current price movements and Twitter activity.

Altcoin
VORTECSâ„¢ Score (green) vs. LTC price. Source: Cointelegraph Markets Pro

As seen on the graph above, the VORTECSâ„¢ Score for LTC started to pickup on April 29 and maintained an elevated level during the next four times before hitting a high of 68 on May 2, around 11 hours before the price increased 35% during the next three days.

With DOGE still trading over $0.58 at the time of writing and hype is ongoing to build before Elon Musk’s look on the comedy sketch show Saturday Night Live, the bullish price action for LTC and another cryptocurrencies on Robinhood could last as retail dealers new to the crypto market flock to the popular meme coin.

The perspectives and opinions expressed here are solely those of the writer and don’t always reflect the views of Cointelegraph. Every single investment and trading move involves danger, and you must conduct your own research after making a decision.

Tags: AltcoinAltcoinsBitcoin CashBullishCryptocurrenciesCurrencyDigital Currency GroupDogecoinEthereumLitecoin
Share76Tweet47
Previous Post

API3 and smart contract System Moonbeam bring off-chain data to Polkadot

Next Post

Chia In Spotlight Amid Global Hard Disc Shortage

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
Chia In Spotlight Amid Global Hard Disc Shortage

Chia In Spotlight Amid Global Hard Disc Shortage

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,921.000.52%
  • ethereumEthereum(ETH)$1,769.920.38%
  • tetherTether(USDT)$1.00-0.44%
  • binancecoinBNB(BNB)$328.180.72%
  • rippleXRP(XRP)$0.447032-1.09%
  • cardanoCardano(ADA)$0.352859-0.92%
  • dogecoinDogecoin(DOGE)$0.074057-0.94%
  • matic-networkPolygon(MATIC)$1.100.37%
  • solanaSolana(SOL)$20.77-0.31%
  • polkadotPolkadot(DOT)$6.010.19%
  • litecoinLitecoin(LTC)$92.77-1.12%
  • shiba-inuShiba Inu(SHIB)$0.000011-0.22%
  • tronTRON(TRX)$0.064187-0.52%
  • daiDai(DAI)$1.00-0.29%
  • chainlinkChainlink(LINK)$7.200.14%
  • cosmosCosmos Hub(ATOM)$11.22-0.67%
  • leo-tokenLEO Token(LEO)$3.482.20%
  • moneroMonero(XMR)$160.55-2.05%
  • ethereum-classicEthereum Classic(ETC)$20.15-0.81%
  • okbOKB(OKB)$41.77-0.72%
  • stellarStellar(XLM)$0.091372-0.74%
  • bitcoin-cashBitcoin Cash(BCH)$124.16-1.65%
  • filecoinFilecoin(FIL)$5.632.17%
  • crypto-com-chainCronos(CRO)$0.068718-1.26%
  • vechainVeChain(VET)$0.022965-0.06%
  • algorandAlgorand(ALGO)$0.2089550.19%
  • internet-computerInternet Computer(ICP)$4.95-0.31%
  • eosEOS(EOS)$1.130.40%
  • elrond-erd-2MultiversX(EGLD)$42.51-0.68%
  • tezosTezos(XTZ)$1.151.59%
  • aaveAave(AAVE)$72.360.63%
  • theta-tokenTheta Network(THETA)$1.01-0.43%
  • neoNEO(NEO)$12.875.62%
  • havvenSynthetix Network(SNX)$2.460.86%
  • paxos-standardPax Dollar(USDP)$1.00-0.73%
  • bitcoin-cash-svBitcoin SV(BSV)$36.42-0.78%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.730.11%
  • dashDash(DASH)$58.56-1.53%
  • makerMaker(MKR)$667.15-0.41%
  • huobi-tokenHuobi(HT)$3.67-0.48%
  • iotaIOTA(MIOTA)$0.2082570.89%
  • zilliqaZilliqa(ZIL)$0.027140-0.09%
  • zcashZcash(ZEC)$36.190.69%
  • basic-attention-tokenBasic Attention(BAT)$0.2423391.55%
  • nemNEM(XEM)$0.0392530.24%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.182.44%
  • kusamaKusama(KSM)$33.411.10%
  • compound-governance-tokenCompound(COMP)$42.11-1.20%
  • bitcoin-goldBitcoin Gold(BTG)$16.27-1.09%
  • yearn-financeyearn.finance(YFI)$8,383.621.19%
  • omisegoOMG Network(OMG)$1.82-0.05%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.237660-0.87%
  • wavesWaves(WAVES)$2.16-0.51%
  • ontologyOntology(ONT)$0.2307893.57%
  • sushiSushi(SUSHI)$1.050.87%
  • digibyteDigiByte(DGB)$0.0096110.79%
  • umaUMA(UMA)$2.040.11%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%