Bitcoin's (BTC) recent rapid rally has revived risk-taking in the crypto market, spurring investors to pour money into non-serious cryptocurrencies like dogecoin (DOGE), which was created as a joke 10 years ago.
Chart of the days presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin's recent rapid rally has revived risk taking in the crypto market, spurring investors to pour money into meme cryptocurrencies like Dogecoin. Despite Doge slipping today, the price has gained roughly 15% in the past week. Seemingly tracking Bitcoin surge to $44,000 from 38,000. This chart shows notional open interest on the dollar value locked in the number of active futures and perpetual futures contracts. T to Doge has risen by 58% to $625 million in just one week reaching the highest since November 2nd 2022. That's according to Cola that increase alongside a rising price is said to confirm the uptrend Doge's latest surge though impressive isn't necessarily a sign of excess greed considering the doge to BT C ratio remains at bear market depths. A rapid surge in the ratio presaged BT CS, April 2021 top above $60,000 and the market wide FTX induced panic of November 2022. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.