No Result
View All Result
Subscribe
Tuesday, March 9, 2021
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact
No Result
View All Result
CRYPTOCURRENCIESNEWS
No Result
View All Result
Home Crypto News

Two Key Causes Why Dogecoin (DOGE) Simply Dove 20% Underneath $0.01

by admin
January 4, 2021
in Crypto News
Two Key Causes Why Dogecoin (DOGE) Simply Dove 20% Underneath $0.01

Dogecoin (DOGE) is down 20% previously 24 hours after a 100% rally on Friday. The “meme” cryptocurrency nonetheless has a market capitalization in extra of $1 billion and has registered $2 billion in buying and selling quantity previously day.

Dogecoin started to rally just a few weeks in the past after Elon Musk, CEO of Tesla and SpaceX, reminded the market of the asset. Despite the most recent correction, DOGE remains to be up 100% previously two weeks.

DOGE’s ongoing correction comes despite general power within the altcoin market. Ethereum, for example, has gained 35% in opposition to the U.S. greenback previously 24 hours as capital cycles from BTC to altcoins. Bitcoin Money and Litecoin, too, are shifting larger.

Listed here are just a few explanation why DOGE could also be dropping despite the widespread outperformance of altcoins.

Associated Studying: Wall Road Veteran Kickstarts Personal Bitcoin Fund With $25m Funding

#1: Dogecoin Has Been A Excessive Beta Bitcoin Play 

Over the previous few weeks, Dogecoin has acted as a excessive beta Bitcoin play. That’s to say, it has traded equally to BTC however with extra general volatility.

When BTC surged round 10% on Friday, DOGE had skilled a 100% acquire. Whereas the correlation just isn’t good, it has continued into right this moment.

Bitcoin is down 7.5% previously 24 hours whereas DOGE has shed 22.5% of yesterday’s worth.

This chart shows how DOGE’s worth is correlated with Bitcoin, although reveals extra volatility over time. This volatility has dramatically elevated in current days, although, as could be seen explicitly within the chart.

This may increasingly proceed within the close to future so long as there’s a robust retail contingent within the Dogecoin market, which has lengthy been the case. The market can also be comparatively illiquid in comparison with different large-cap altcoins.

Chart of DOGE’s value motion over the previous month from TradingView.com

Associated Studying: DeFi Founder Focused in $8m Hack Says He Has His Hacker’s IP

#2: DOGE Market Was Overbought

Whereas Dogecoin’s rally was a very long time coming, the market shortly turned overbought because the cryptocurrency gained 100% in a single buying and selling day.

Whereas there is no such thing as a good measure to find out how a lot a market is overbought, there are few markets through which an asset that appreciated 100% in a single buying and selling session can proceed larger the subsequent.

Markets are certain to pullback after overextending far above “regular” value areas.

It’s possible, too, that capital cycled from Dogecoin into extra enticing altcoins equivalent to Ethereum and Cardano.

DeFi altcoins, too, have carried out extraordinarily effectively over the previous 24 hours.

In the intervening time, DOGE’s general trajectory is more likely to be dictated by Bitcoin.

Associated Studying: 3 Bitcoin On-Chain Traits Present a Macro Bull Market Is Brewing

Featured Picture from Unsplash
Chart from TradingView.com
Worth Tags: dogeusd, dogebtc
Two Key Causes Why Dogecoin (DOGE) Simply Dove 20% Underneath $0.01

ShareTweetShare

Related Posts

Korean crypto trade Bithumb toughens up its Anti-Cash Laundering measures
Crypto News

Korean crypto trade Bithumb toughens up its Anti-Cash Laundering measures

March 9, 2021
Furucombo to difficulty iouCOMBO tokens to repay victims of $15M exploit
Crypto News

Furucombo to difficulty iouCOMBO tokens to repay victims of $15M exploit

March 9, 2021
Charted: Ripple (XRP) Types Assist Base, Why It Might Rally Above $0.50
Crypto News

Charted: Ripple (XRP) Types Assist Base, Why It Might Rally Above $0.50

March 9, 2021
South African crypto companies warn opaque laws are harming the business
Crypto News

South African crypto companies warn opaque laws are harming the business

March 9, 2021
TA: Why Ethereum is Primed To Revisit $2,000 and New ATH
Crypto News

TA: Why Ethereum is Primed To Revisit $2,000 and New ATH

March 9, 2021
Southeast Asia's first Bitcoin fund launches to fulfill native institutional demand
Crypto News

Southeast Asia's first Bitcoin fund launches to fulfill native institutional demand

March 9, 2021

Most Read

No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

February 20, 2021
Exmo crypto alternate suffers hack, halts all withdrawals

Exmo crypto alternate suffers hack, halts all withdrawals

December 21, 2020
JPMorgan Chase execs weigh in on stablecoin regulation, crypto competitors

JPMorgan Chase execs weigh in on stablecoin regulation, crypto competitors

January 16, 2021
XRP value beneficial properties 86% after Wall Road Bets’ crypto wing says 'pump it'

XRP value beneficial properties 86% after Wall Road Bets’ crypto wing says 'pump it'

January 31, 2021
Blockchain-based Gaming Platform Exceedme Publicizes Strategic Buyers And Companions

Blockchain-based Gaming Platform Exceedme Publicizes Strategic Buyers And Companions

December 27, 2020
Chainlink hits new highs, however is LINK about to drag one other 150% parabolic transfer?

Chainlink hits new highs, however is LINK about to drag one other 150% parabolic transfer?

February 10, 2021
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact

Copyright © 2020 CryptoCurrenciesNews | All Rights Reserved

No Result
View All Result
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact

Copyright © 2020 CryptoCurrenciesNews | All Rights Reserved

  • BTC

    (USD 54,201.97)

    4%
  • ETH

    (USD 1,827.82)

    115.63%
  • XRP

    (USD 0.48)

    0.0077%
  • BCH

    (USD 544.43)

    36.5%
  • EOS

    (USD 4.06)

    0.21922%
  • LTC

    (USD 199.67)

    16.04%
  • ADA

    (USD 1.16)

    0.043%
  • XLM

    (USD 0.43)

    0.0176%
  • MIOTA

    (USD 1.36)

    0.04705%
  • NEO

    (USD 42.71)

    4.33433%
  • XMR

    (USD 225.97)

    17.75618%
  • DASH

    (USD 234.46)

    24.21%
  • TRX

    (USD 0.05)

    0.00177%
  • XEM

    (USD 0.71)

    0.00578%
  • USDT

    (USD 1.00)

    0%
  • VEN

    (USD 8.79)

    0.55618%