CandleFocus Dogecoin Jumps 10%, Outperforming on Trump Popularity as Bitcoin Nears $70K
2024-10-28
Author: Content Editor
Bitcoin (BTC) reached a three-month high, approaching $70,000 and coming within 5% of its record high. BTC saw a 3% increase in the past 24 hours, trading at $69,800. Ethereum's ether (ETH) rose 0.5%, while tokens of Polygon (POL), Near (NEAR), and Hedera (HBAR) drove the CoinDesk 20 Index lower. Dogecoin (DOGE) defied the altcoin market by surging 10%, likely due to attention gained from being mentioned during a Donald Trump campaign event. Elon Musk, who is involved in the Republican candidate's campaign, has proposed a "Department of Government Efficiency" focused on reducing government spending, further linking DOGE to Trump. The crypto market's activity coincided with U.S. stock indexes closing higher and crude oil prices dropping. Analysts suggest that BTC's current setup resembles the late 2020 rally to all-time highs, indicating potential gains ahead.
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