Why Dogecoin Is Jumping Today
Dogecoin (CRYPTO: DOGE) is moving higher on Friday. The coin is up 4% since 4 p.m. ET Thursday as of 1:08 p.m. ET. The move comes as the S 500 is flat and the Nasdaq Composite has gained 0.3%.
As Bitcoin goes, so goes most of the crypto market -- Dogecoin included. While this doesn't always hold, it's a good bet that when Bitcoin moves up, the meme coin will as well.
Bitcoin is up today after a rough week. Crypto investors are wary of broader macro trends and mixed signals from the Federal Reserve. Another 0.25% cut was announced on Wednesday, but additional rate cuts in December look less likely following Fed Chair Jerome Powell's statement that they were "not a foregone conclusion. Far from it."
Source Fool.com
