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Dog-themed cryptocurrency Dogecoin (DOGE) has risen 13% in the last 24 hours, indicating that crypto traders are taking riskier bets in response to Bitcoin's (BTC) price performance.
From a low of $0.0675 to a high of $0.075 in Thursday's trading, Dogecoin initiated a rise on Oct. 19 from a low of $0.058 and has marked seven out of eight days in the green.
According to Kaiko, who drew attention to the price hike on X, "most markets continue to surge amid the ETF hype."
Since the beginning of the week, hopes for a spot Bitcoin exchange-traded fund (ETF) have increased Bitcoin prices, and most altcoins, including Dogecoin, have benefited from the surge.
Meanwhile, a surge in Dogecoin prices has traditionally marked a local high for Bitcoin and other major tokens. Thus, traders are on the lookout for the Bitcoin price, which has seen a drop of 0.09% in the last 24 hours as Dogecoin sustained its gains.
Tomiwabold OlajideAt the time of writing, DOGE was up 12.69% in the last 24 hours to $0.074. The coin was up 27.14% in the last seven days as well.
On Thursday, the price of Dogecoin increased in tandem with an exciting announcement by social media site X, formerly Twitter, introducing a video calling option for premium users. This was to be expected, as several traders had previously expected X to add DOGE as a payment option.
Dogecoin, as a result of the price ascent, surmounted key barriers that had hindered its price for months, notably the daily moving average MA 50 barrier at $0.061 and the MA 200 at $0.069.
If the rally sustains, Dogecoin might eye the $0.083 level next. On the other hand, if the rally stalls, Dogecoin might aim to flip the MA 200 level at $0.069 into support.
Meanwhile, Dogecoin's development continues. Dogecoin enthusiast Mishaboar pointed out on X that the work on the next minor release of Dogecoin Core v. 1.14.7 is ongoing.
Earlier in October, Dogecoin core developer Michi Lumin spoke of some progress taking shape as far as moves to deploy RadioDoge in the community.
Alex Dovbnya
Arman Shirinyan
Dan Burgin