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Dogecoin Rockets 30% as Crypto Traders Flee Bitcoin, Ethereum

Dogecoin Rockets 30% as Crypto Traders Flee Bitcoin, Ethereum

Rich Dvorak, Analyst

DOGECOIN (DOGE/USD), BITCOIN (BTC/USD), ETHEREUM (ETH/USD) – CRYPTO NEWS & PRICE OUTLOOK

  • Dogecoin price action is exploding higher today with the crypto up 30% to trade near $0.60
  • Bitcoin continues to lag across major cryptocurrencies as BTC/USD paces a -5% decline
  • Ethereum peeling back from all-time highs looks driven by rotation into other alt-coins

Volatility has accelerated across asset classes during Tuesday’s trading session and the cryptocurrency space is no exception. Dogecoin (DOGE/USD) spiked 30% higher to a fresh record above the $0.60-price level. The massive influx of demand for Dogecoin even crippled the Robinhood’s platform, though trading has since come back online. The largest crypto by market cap, Bitcoin (BTC/USD), is down about -5% intraday and on the month.

Ethereum price action also seems to be drifting lower from all-time highs as ETH/USD bulls unwind exposure after probing the $3,500-level earlier in the day. Perhaps these moves can be explained by a natural rotation of positioning out of Bitcoin and Ethereum into Dogecoin. Dogecoin strength interestingly comes amid broader risk aversion judging by performance across major stock indices. While some are arguing that the “Sell in May and Go Away” anomaly is at play here, there have been a few eye-catching headlines about potential Fed tapering.

DOGECOIN PRICE CHART WITH BITCOIN & ETHEREUM OVERLAID: HOURLY TIME FRAME (30 APRIL TO 04 MAY 2021)

Dogecoin Price Chart with Bitcoin and Ethereum Overlaid DOGEUSD BTCUSD ETHUSD

Chart by @RichDvorakFX created using TradingView

Just today, Treasury Secretary and former FOMC Chair Janet Yellen stated how the Federal Reserve may need to raise rates to prevent the US economy from overheating. Furthermore, White house Press Secretary Jen Psaki noted that the Biden Administration takes inflation concerns seriously and agrees with Treasury Secretary Yellen’s comment earlier that rates may need to rise. This echoes what Dallas Fed President Robert Kaplan said last Friday that it is time for the Fed to start discussing when to taper asset purchases.

That said, anti-fiat assets like Dogecoin, Bitcoin, and Ethereum could face some serious headwinds if this conversation around normalizing Fed policy starts to gain more traction. The direction of the broader US Dollar, which tends to generally move in opposite direction of cryptocurrencies, might provide traders with a bellwether for where DOGE/USD, BTC/USD, and ETH/USD head next.

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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