Bitcoin’s price has been going through some heavy fluctuations lately – and even though it was initially on a rise, that didn’t last long, as the currency has recently been on a downturn. Experts have been keeping an eye on it, as well as the prices of other cryptocurrencies closely related to Bitcoin, and a peculiar trend has started to emerge – it would appear that Bitcoin is affecting certain other currencies with its price variations, but only negatively.
That is to say, during the period when Bitcoin was going up, Dogecoin didn’t see a similar growth, and remained more or less stationary (at least in the context of previous price fluctuations in that specific currency). On the other hand, when Bitcoin started to go down lately, Dogecoin followed suit and started to experience some devaluation as well.
Currently, Dogecoin is down by roughly 7% in its price, and it seems that the trend is going to continue in that direction as well, at least for a little while. On the other hand, the ratio between Dogecoins and Bitcoins has also been decreasing, going down from 64 satoshis to 57, and then climbing back up to 60 briefly.
What does this mean for the future of both currencies? Bitcoin is currently projected to reach about $260 by the end of the week, and it’s currently undergoing a very significant price correction, which could realistically affect the price of Dogecoin as well. It’s worth noting that Bitcoin is still getting hit harder than other cryptocurrencies like Dogecoin though, but this could be explained by the much stronger market presence that it has over the other currencies.
The market for Bitcoin has been stabilizing lately, despite these moments of price fluctuations – and it’s likely that it will soon start to converge to a more stable natural resting point. At the same time, other cryptocurrencies have been seeing some additional stabilization on their own, which could be attributed to the rising positivity in public perception of Dogecoin, and cryptocurrencies as a whole.
Is it a good time to invest now? With regards to the falling prices, probably not. Experts are saying that it’s not very likely that Bitcoin will see any sharp jumps in its price in the coming weeks/months, unless something unexpected happened. Of course, the market for this currency is still highly volatile and unpredictable, so realistically, we can expect to see many sudden changes in the price of Bitcoin. It can practically crash or skyrocket overnight, given the right circumstances, especially lately when the global environment for trading Bitcoin has been changing so significantly, with the first regulated exchange recently opening in the US and other similar developments.