Bitcoin experienced an incredible bullish outbreak over the last few days. However, despite BTC/USD’s incredible gains over the last few days the dogecoin price didn’t experience gains to this extent, despite a small increase in the volume.
The increase in the trading volume wasn’t really significant, though. It was indeed higher from the time that the entire market was stagnant and BTC/USD reached the low of $215. However, today’s trading volume of ~$140k isn’t something new to dogecoin. While all the bullish activity in the bitcoin market did have a mild effect on the dogecoin price, it now also contributing to its decline.
Bitcoin and dogecoin price falling together
While the dogecoin price didn’t really experience a rise similar to the one of BTC/USD, it has surely been hit by the most recent downturn of the bitcoin market. The bull run couldn’t have lasted forever. As it seems that sell orders are now overwhelming the buying pressure at the moment, the dogecoin price is currently down by around 7% from yesterday’s highs.
It’s clear that DOGE/BTC was experiencing a long downtrend all along the recent market movements. As seen in the chart 3 days above, DOGE/BTC fell from 64 satoshis to 57 but has since rebounded to 60. On the other hand, dogecoin’s USD value was clearly affected positively by the bullish market movements. However, as expected, dogecoin’s USD value is also affected by the correction the bitcoin price is currently experiencing.
What’s going to be the outcome
Knowing that bitcoin has got to reach the level of $260 this week but is now going through a severe correction, we could see the dogecoin price falling even more. Comparing bitcoin’s price movements to dogecoin’s ones, it’s noticeable that the bitcoin price has undergone more losses after the price peak. This pattern is also haunting dogecoin at the moment and it’s not clear how long it’s going to be until the downward movement caused by the correction stops.