Check out the latest information in Spanish.
Bitcoin and Dogecoin are two of the hottest cryptocurrencies this cycle, and the rise in Bitcoin price is primarily flowing into Dogecoin's price. At one point, the correlation between Dogecoin price and Bitcoin price was 0.97.
Related books
Interestingly, recent market movements have seen Bitcoin prices once again return to price levels above $100,000, with the leading cryptocurrency reaching a high of $102,700 in the past 24 hours. However, this has not yet been reflected in a corresponding increase in Dogecoin's price, with the memecoin falling below support at $0.4 in the same time frame.
Dogecoin’s recent performance amid Bitcoin surge
Bitcoin has once again crossed the psychological threshold of $100,000, after a 7.5% price increase from its December 10 low of $94,900. Notably, this bull run is Bitcoin's latest recovery after a rejection at the $100,000 price level that caused a shock of liquidation among other cryptocurrencies. .
However, while Bitcoin has shown resilience, Dogecoin faces notable challenges in maintaining its upward momentum. Dogecoin managed to rise to $0.48 on December 8th, a level it has not touched since 2021. However, a closer look at the memecoin’s price movements reveals a repeated struggle with the $0.48 resistance level, which currently appears to be acting as resistance. We will reach a level that will break this market cycle.
As of this writing, Dogecoin is currently trading at $0.395, which means it has fallen about 17% since reaching its 2024 high of $0.48. As it stands, Dogecoin is down about 13% over the past seven days, making it the worst performer among the top 10 cryptocurrencies by market capitalization over this period.
DOGE is currently trading at $0.39. Chart: TradingView
Is it possible for Dogecoin to hit new all-time highs this cycle?
Market analysts have offered different predictions regarding the likelihood and timeline for Dogecoin price to reach new all-time highs in the current cycle. The last time Auzicoin reached its all-time high of $0.73 was during the cryptocurrency bull market in May 2021. While there is still hope for a break above this level this cycle, the road ahead looks difficult, especially if Dogecoin’s price continues to diverge from Bitcoin’s bull run.
However, it can also be argued that the general consensus is that Dogecoin will resume its upward trend soon. Historically, Dogecoin price spikes have been due to sudden spikes in retail investor activity, often due to rumors on social media like payments to X and the like. For Dogecoin to surpass its 2021 highs, a similar wave of enthusiasm would need to emerge, with significant trading volume and renewed interest from both retail and institutional investors.
Related books
As 2024 draws to a close, a more realistic scenario of Dogecoin reaching new highs could emerge in early 2025. By then, changes in the global economic and political situation, including the inauguration of President Donald Trump, may generate optimism in the world. crypto sector.
Featured images from Bankrate, charts from TradingView
