The price of Dogecoin has increased by 50% in the last 24 hours. This helped the virtual currency to become the biggest winner in the top 100 virtual currencies. Dogecoin has hit a local high of $0.007738. This shows the great interest created by this virtual currency in recent days.
This comes after days when bitcoin (BTC) reached $29,800 and could get closer to $30,000. Digital currencies are still in the bull market, much of it is being pushed by bitcoin. Although BTC exceeded its all-time peak by almost 50 per cent, other coins such as Ethereum (ETH) or Litecoin (LTC) are now 50 per cent lower than their highs.
DOGE price was able to rebound and overtake other virtual currencies such as Dash, Zilliqa (ZIL), Iota (MIOTA) and Ethereum Classic (ETC). This reflects the strong move that DOGE has undergone. This virtual currency jas has also undergone abrupt market swings.
As we can see in the chart provided by CoinMarketCap, it seems for DOGE to have a series of repeated jumps against Bitcoin and also against the U.S. dollar (USD). Nevertheless, during the last year and a half, we have seen DOGE surge only once.
It is also worth noting that the CEO of Tesla and Space X, Elon Musk, has been a supporting figure for DOGE. He also updated his profile title on Twitter to CEO of Dogecoin a few years ago. In addition, he typically posts various memes about DOGE and seems to be a bitcoin enthusiast.
Although Tesla has not publicly acquired Bitcoin (BTC), there are other entities who have already purchased Bitcoin in recent months. MicroStrategy is possibly the most influential organisation to acquire Bitcoin before the end of 2020.
MassMutual and Square have both been part of this pattern, bringing some millions of dollars into BTC a few months back. It will be fascinating to see if Bitcoin and Dogecoin will begin to climb higher in the coming days and weeks.
2021 should have been a very good year for the cryptocurrency sector. While Bitcoin could have hit new highs in the near future, other digital assets could have followed suit. As Dogecoin moved almost to its price record, we might expect this virtual currency to continue to climb upwards.
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