Dogecoin Strikes Gains Even As Bitcoin, Ethereum Take A Break — Is It Alt Season Again?

Most major coins traded in the red Sunday night with the exception of Dogecoin (CRYPTO: DOGE) as the global cryptocurrency market capitalization fell 0.69% to $2.64 trillion.

What Happened: DOGE rose 2.47% to $0.28 over 24 hours. Over the week, it has risen 0.94%.

Rival Shiba Inu traded 1.63% lower over 24 hours at $0.0000667. It has shot up 76.13% over the last seven days.

At press time, Shiba Inu was the ninth-largest coin by market cap while Dogecoin was the tenth largest, as per CoinMarketCap data.

The apex cryptocurrency, Bitcoin (CRYPTO: BTC), traded 1.4% lower at $61,387.51. It has risen 0.12% over a seven-day trailing basis.

Ethereum (CRYPTO: ETH) fell 1.78% to $4,302.90 over 24 hours. The second-largest cryptocurrency by market cap has risen 4.49% over the last seven days. 

The top gainer over 24 hours was Holo, which rose 33.14% to $0.0142 over 24 hours. It has gained 51.58% over the past seven days.

The token associated with the peer-to-peer distributed platform has risen 34.93% and 35.52% against BTC and ETH, respectively. 

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Amsterdam-based trader Michaël van de Poppe noted that Bitcoin may not be able to end October above the $63,000 mark but the apex coin at $61,000 is “just as fine and close enough.”

Yes, #Bitcoin might not close above $63K this month.

However, @100trillionUSD his hitrate on the stock-to-flow model is way better than your trading performance, so I wouldn’t really roast him at all. #Bitcoin at $61K is just as fine and close enough.

— Michaël van de Poppe (@CryptoMichNL) October 31, 2021

Van de Poppe tweeted Sunday that despite so-called altcoins making moves “left and right,” the “real altseason isn’t even taking place.”

It is not yet altcoin season, as per the Blockchaincenter’s “Altcoin Season Index.”

Bitcoin is “ready to rally” after the pullback, as per a note by DecenTrader, a provider of cryptocurrency market intelligence.

The firm noted that BTC may only hit real resistance on its way up to the $100,000 levels. 

“On a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000.”

DecenTrader attributed this to a moving average crossover event enveloping the 128-day and the 200-day metrics, which in the past has led to a “sustained” rally.

Meanwhile, the Bitcoin whitepaper turned 13 years old on Sunday. Bitcoin bull, investor, and CEO of MicroStrategy Incorporated Michael Saylor said the pseudonymous inventor of the coin Satoshi Nakamoto “started a fire in cyberspace” which is fed by the faithful.

Satoshi started a fire in cyberspace. While the fearful run from it and fools dance around it, the faithful feed the flame, and dream of a world bathed in the warm glow of cyberlight. #Bitcoin

— Michael Saylor (@saylor) October 31, 2021

Read Next: Here's What MicroStrategy CEO And Bitcoin Bull Michael Saylor Says About Shiba Inu And Dogecoin