Can a US dollar ‘double top’ help Bitcoin and Ethereum break out?

2 min readAug 26, 2022

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Bitcoin and Ethereum are lying flat in a tight tunnel, inching their way towards the end of the week. You know… like Steve McQueen in The Great Escape. Maybe a flagging US dollar is the light they need.

Some analysts are seeing the US Dollar Index (DXY) potentially forming a double top on its chart right now. If that’s the case, then shackles will likely break and a risk-asset bust-out could ensue, as US trader/analyst Scott “Wolf of All Streets” Melker posits below in the “party time” side of his coin flip.

Guess we’ll find out very soon enough if this is pure fantasy of the not-particularly-sexy inverse-correlation kind, and your favorite cryptographically secured assets are bound for more pain.

Onto some daily price action…

Top 10 overview

With the overall crypto market cap at US$1.09 trillion and up about 1.5% since yesterday, here’s the current state of play among top 10 tokens — according to CoinGecko.

Uppers and downers: 11–100

Sweeping a market-cap range of about US$8.8 billion to about US$459 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Shiba Inu (SHIB), (market cap: US$8.2 billion) +7%

• BitDAO (BIT), (mc: US$600 million) +7%

• Ethereum Classic (ETC), (mc: US$5 billion) +5%

• Aave (AAVE), (mc: US$1.3 billion) +5%

• Decred (DCR), (mc: US$489 million) +4%

DAILY SLUMPERS

• Celsius (CEL), (market cap: US$487 million) -8%

• Lido DAO (LDO), (mc: US$1.16 billion) -8%

• Chiliz (CHZ), (mc: US$1.198 billion) -7%

• Helium (HNT), (mc: US$849 million) -5%

• Leo Token (LEO), (mc: US$4.8 billion) -3%