According to analytics platform Santiment, the flagship cryptocurrency, Bitcoin (BTC), may experience a surge in price based on the behavior of a major macro indicator. Santiment reports that the US dollar index (DXY) has recently reached a ten-month high, leading to a decline in the value of crypto assets and the S&P 500 stocks index.
Santiment highlights that Bitcoin has remained at a break-even point over the past two weeks, unlike the S&P 500 index, which has fallen by 5% during the same period, despite the strong dollar. This suggests that a breakout in Bitcoin’s price could occur once the DXY settles down.
Currently, Bitcoin is trading at $26,459. However, it is important to note that the cryptocurrency market is highly volatile, and prices can change rapidly.
Turning to altcoins, Santiment advises caution when it comes to Maker (MKR), the native token of decentralized finance project Maker Protocol. The token has experienced a rally of over 40% in just over two weeks, reaching a 16-month high. Santiment suggests that an increase in MKR being moved to exchanges could indicate a temporary local top in price.
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At the time of writing, Maker is trading at $1,520. Again, it is crucial to keep in mind that cryptocurrency prices are subject to significant fluctuations.
Santiment also sheds light on the situation of memecoins like Dogecoin (DOGE). The analytics firm notes that while altcoins have seen more declines than gains since the mid-July crypto market local top, memecoins are experiencing a smaller ratio of overall trader interest than they have in some time. Particularly, DOGE has the lowest discussion rate since 2020.
Dogecoin is currently trading at $0.0609, down by approximately 27% from its five-month high of $0.0838 reached in July.
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In conclusion, as per Santiment’s analysis, the trajectory of the US dollar index may have an impact on the price of Bitcoin. Additionally, caution is advised when it comes to altcoins like Maker and memecoins like Dogecoin. By staying informed and monitoring market trends, investors and traders can make more informed decisions in the cryptocurrency market.
