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Why Bitcoin, Ethereum, and Dogecoin Are Gaining Today

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Why Bitcoin, Ethereum, and Dogecoin Are Gaining Today

by marcell.major
March 16, 2022
in Dogecoin
0


What happened

The broader cryptocurrency market is surging in today’s trading. Bitcoin ( BTC 4.93% ), Ethereum ( ETH 6.38% ), and Dogecoin ( DOGE 3.64% ) were up 3.6%, 4.7%, and 1.8%, respectively, over the previous 24-hour period as of 12:30 p.m. ET Wednesday.

Reports that some progress is being made on peace talks between Russia and Ukraine appear to powering a rebound in bullish momentum today. It’s also possible that investors are anticipating a relatively minor interest rate hike to come out of the Federal Reserve’s meeting today. 

A gold coin with the Bitcoin symbol.

Image source: Getty Images.

So what

Comments from both Russian and Ukrainian representatives today suggested that some progress for a compromise was being made between the nations. A potential agreement between the countries currently looks like it would center around Ukraine agreeing that it would not attempt to join the North Atlantic Treaty Organization (NATO) military alliance, while still retaining its own army and navy forces.

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Taking the Russia-Ukraine situation off the table as a potential risk factor could lead to continued bullish momentum for cryptocurrencies and stocks, but too much optimism about a neat resolution to the invasion could also be a risk factor in its own right. While it’s possible that negotiations will lead to Russia ceasing its attack on Ukraine, investors should proceed with the understanding that the outlook on that front is uncertain and difficult to predict. 

It also looks like investors are pouring back into cryptocurrencies and stocks with the expectation that the Fed’s anticipated interest rate hike won’t be as disruptive as some have feared. While it might not seem like lending rates would necessarily have a strong connection to the price of cryptocurrencies, rising interest rates have historically caused investors to move out of risky investments in pursuit of safer returns. If the Fed implements relatively mild rate hikes at today’s meeting, that development would likely be a positive catalyst for the overall crypto space, but there’s also limited visibility on how the overall rate environment will shake out through the rest of the year.

Now what

Bitcoin ranks as the largest cryptocurrency by valuation and currently has a market capitalization of roughly $769.4 billion.

Meanwhile, Ethereum takes the No. 2 spot with a market cap of $324.6 billion, and Dogecoin has a market capitalization of $15.2 billion and ranks as the 13th largest cryptocurrency by valuation. The respective tokens will likely continue to see trading moves in line with broader market momentum, but each cryptocurrency has distinct characteristics and performance catalysts that will shape pricing action.

Bitcoin spearheaded the broader cryptocurrency movement and has attracted a base of steadfast supporters, and Ethereum has also seen a massive upswing in support thanks to growing adoption for its application-building services. Meanwhile, Dogecoin is a meme phenomenon that has benefited from Elon Musk’s support — including a previous statement from the Tesla CEO that he would film himself eating a McDonald’s hamburger if the restaurant giant began accepting the token as payment. 

Blockchain-based payment methods and services are seeing rising adoption, but the overall market remains young and highly volatile. While general market movements will likely continue to play a role in Bitcoin, Ether, and Dogecoin’s respective performances, investors should keep in each token’s individual strengths and weakness in mind if buying the cryptocurrencies. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.





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