Dogecoin Is Outpacing Other Cryptos in Bull Market

As the cryptocurrency market booms today, it is Dogecoin (DOGE) that is running at the front of the pack.

Dogecoin is fluctuating between gains of 11% and 12% from moment to moment in a very busy market today. The price for the memecoin at the time of this writing was $0.09757 (DOGE/USD), which is a 12.09% increase from the coin’s level the day before.

Bitcoin managed an incredible high, reaching higher than any point in the last two years by passing $56,000, and it is still gaining. Bitcoin rose more than 7% today and is eyeing a new all-time high.

That upswing from Bitcoin has created a bull market for the moment, with Dogecoin investors taking full advantage and sending the coin up to a level we have not seen since 2021.

These are not the only two coins going bullish, and in fact much of the crypto market is bullish at the moment. It is just Dogecoin and Bitcoin that are seeing the biggest gains and garnering the most attention from the media.

What to Expect from Dogecoin

It is hard to know where Dogecoin might go. The coin has proven its stability, through it started off as a joke when it first debuted. Thanks to support from Elon Musk, the coin climbed into the top ten rankings of the crypto market and has stayed there.

The question on all investors’ minds right now is whether these gains will be temporary. They want to know if the market will suddenly deflate and return to its previous level or a lower level after the interest wanes. The good news is that the market upswing was brought on partly by newly revealed crypto holdings. That means that the market is not going bullish on a whim. There is increased interest that could die down, but the reason behind the interest is still going to be there.

We anticipate the market to settle down in the next few days but the gains to remain.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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