Dogecoin Surges Over 300% in a Week as Bitcoin Rally Cools Down
Dogecoin Surges Over 300% in a Week as Bitcoin Rally Cools Down
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.
Key Takeaways
- Dogecoin soars to nearly 30 cents in an aggressive rally over the last 24 hours
- Ethereum outpaces bitcoin this year, moves to a new all-time high today
The cryptocurrency market still has room to keep rising. A largely unexpected and surprising move in the cryptocurrency created as a joke, Dogecoin, has skyrocketed the token to a new all-time high near 30 cents. Dogecoin is an open-source cryptocurrency created in 2013 as a joke, based on a popular meme featuring a Shiba Inu dog. Now the same meme coin is worth over $35bn.
For the past week, the Shiba Inu-themed crypto asset has gone full steam ahead, advancing more than 300%. Dogecoin was trading at a little over $0.06 a week ago when, along with the whole crypto market moving higher, Dogecoin’s price started to climb aggressively to reach a high of $0.29. The price has subsided a little but remains well bid, currently trading at $0.25.
This year, the meme coin was extremely popularized by the Tesla CEO, Elon Musk. Tesla’s boss has been tweeting about “putting a dogecoin on the moon”, “who let the doge out”, “no highs, no lows, only doge” and other dogecoin-related comments. His outspoken support for the cryptocurrency shot its popularity to sky-high levels. At the start of the year, Dogecoin was trading at less than half a cent. To date, the price has risen 75 times or 7500%. In contrast, bitcoin has advanced 100% to double its value for the same period.
Dogecoin: The Joke That’s Being Taken Seriously
Dogecoin, according to its founder Billy Markus, was created for no real purpose other than being a joke. With a market cap of nearly $40bn, Dogecoin is worth more than Nasdaq Inc., valued at $26bn, more than Barclays, valued at $31bn, and more than Logitech, Royal Bank of Scotland, or United Airlines.
Meanwhile, bitcoin is moving lower on Thursday. The largest crypto asset in the market wobbles today, following a strong move up that resulted in a new record high. Bitcoin climbed strongly throughout the second week of April and reached an all-time top of $64,850 on Wednesday. Since then, the price has been trading sideways and to the downside. Currently, at $61,500, bitcoin is trading over 5% lower from its peak.
Ethereum, the second-largest coin, made a new historical high today. The crypto asset ether spiked to a high of $2,550 early on Thursday. Buying momentum has eased since and the coin is now floating around $2,420. Ethereum has been outperforming bitcoin this year by advancing more than 220% since the start of January. For April, ether has climbed roughly 30% to the current market price, whereas bitcoin is up less than 5%.
The whole crypto market has enjoyed increased inflows of cash recently as its value has inflated to an all-time high of $2.2tn. Bitcoin, as the largest asset, now holds about $1.15tn of that market cap or a 52% share.
Subscribe to our newsletter to receive our weekly updates + more straight to your inbox!