Dogecoin Rises 75% as Bitcoin approaches $35K

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Dogecoin (DOGE) and Bitcoin (BTC) have been strong champions in the cryptocurrency sector. DOGE has risen by more than 75% in the last 24 hours after days in which it has already moved very quickly. Meanwhile, after jumping from $29,000 to $33,000, Bitcoin was able to reach $34,000. Investors are asking if the crypto market will take a rest in the coming weeks.

Dogecoin and Bitcoin Move Higher

Both Bitcoin and Dogecoin have been clear industry leaders. These are now the biggest winners in the top 100 of the last 24 hours. This has driven DOGE’s price to over $0.012 and Bitcoin’s price to fresh all-time highs exceeding $34,500. This is the highest price Bitcoin has ever achieved in history.

Bitcoin is turning parabolic, and this can be seen in the world’s biggest cryptocurrency map. 2020 has been a really strong year for Bitcoin and cryptocurrencies, and we’ve seen that continue into 2021.

One of the most fascinating aspects about Bitcoin in 2020 is how virtual currency drew funding from major financial institutions. Firms such as MicroStrategy, Ruffer and Square have spent some of their funds in Bitcoin. Which has also moved the price of the digital commodity to new heights in 2020.

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Furthermore, PayPal has also added support to digital assets. That means that individuals are now able to buy or sell cryptocurrencies using their PayPal account. This was impossible to do in the past, this is why it now became a very important topic for the cryptocurrency community.

The market for virtual currency, including bitcoin, continues to increase. The key problem is that the availability of BTC is restricted. There are only 21 million BTCs to be released. This suggests that it could trigger a consumer shock and drive the price of the virtual currency ever higher.

Other virtual coins such as Ethereum (ETH) and Litecoin (LTC) are now witnessing the effects of the bull market. Both virtual currencies are continuing to rise and are moving closer to their all-time peak. However, there is still a long way to go for these digital properties before they hit their previous ATH reported between 2017 and 2018.

Currently, Ethereum is being traded over $800 while Litecoin needs to get closer to $145 in the next few hours.

 

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