Why Bitcoin, Ethereum, and Dogecoin Are Rising Today
The cryptocurrency market is moving nicely higher Wednesday, appreciating 1.2% over the prior 24 hours as of 1:15 p.m. ET, as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) each make nice moves higher. Given the aggregate market capitalizations of those three digital assets, any sort of synchronized move higher among them is likely to drive the whole crypto market higher. And that appears to be the case: Bitcoin, Ethereum, and Dogecoin rose by 1%, 1.1%, and 0.8%, respectively, over that 24-hour period.
Importantly, these top cryptos staged impressive recoveries from today's 24-hour lows, with Bitcoin, Ethereum, and Dogecoin previously down 5.1%, 7.5%, and 6.5%, respectively, at their daily lows. Their earlier declines appear to be due to a rotation out of risk assets, with the broader technology sector dropping significantly yesterday as a result of weak macro data and an Nvidia probe, before recovering today. This price action bled into other higher-risk asset classes such as crypto, with today's broader recovery suggesting investors are now largely looking for buying opportunities in the market.
Source Fool.com
