October 30, 2022
Hello Bubble Riders! Here is a weekly update on crypto news:
- The price of DOGE (thanks Elon) has increased 95% from $0.0594 on October 22nd to $0.11 at the time of writing, making it the sixth largest crypto in the world surpassing Cardano (ADA) in Market Capitalization.
- Bitcoin and Ethereum have risen by 7.8% and 22.5% respectively over the same time frame.
- In general, the crypto market is seeing an uptick with Cardano (ADA), Solana (SOL) Polkadot (DOT) and Avalanche (AVAX) rising by as much as 18%.
Elon’s Twitter acquisition may have been the jumpstart the crypto market needed to shake off the sideways trend. The recent excitement for DOGE has already exhausted more of any upward movement and is worth shorting as it drops. As for the other coins, they are not volatile enough to justify shorting them. Lastly, a word of optimism for cryptocurrencies is the potential rise in adoption because of this deal: Binance’s support, and the possible crypto integrations on Twitter, should help to bring crypto to the mainstream.
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