The cryptocurrency business appears to be the best bet for lovers of technology presently. However, just as there are gains, it also can produce huge losses. One of the fastest-growing cryptocurrencies in the world presently is Dogecoin. Well, this crypto money started off as a joke but right now, it is a serious deal. There are thousands of cryptocurrencies in the market thus nobody knew Dogecoin before Elon Musk entered the picture.
Over the past few months, Tesla’s CEO, Elon Musk, has been an advocate for Dogecoin. After a series of tweets from Musk, Dogecoin began to show its edge and now, we can not underestimate its growth rate.
According to CoinMarketCap data, Dogecoin has risen by about 400% in the past week. Furthermore, its total market value has hit approximately $50 billion. This even exceeds the market value of Ford or Kraft Heinz, and it’s catching up with Twitter.
To put it simply, Dogecoin’s 24-hour increase has jumped to 187.22%, while the seven-day increase soars by 497.11%. Dogecoin’s 24-hour highest point is about $0.44. However, as the theme day on April 20 passed, it now records a drop of nearly 20%. This is really big ups and downs.
In addition, statistics also show that Dogecoin has risen by 3,872.55% in just three months. It has hit 509.30% in the past month, and the exchange rate against the US dollar has changed as high as 18299.46% in the past 12 months, which is crazy.
It is important to note that cryptocurrencies have frequently risen or fallen sharply in the past week. This is a reminder to all friends that it is not wise to invest at will. You have to study the market before investing.
After a significant drop, Bitcoin rises again
Last week there was a huge scare as the world’s most popular cryptocurrency took a nosedive. Before last week, this crypto money has seen a consistent rise to about $64,000 per coin. However, two days ago, the coin took a huge nosedive to $52,000 per coin. Nevertheless, after a few hours, it began to rise again, and at the close of work on Monday, its price was at $57,000.
As of Monday this week, Coindesk’s records show that the price of Bitcoin is about $57095.75 per coin. It has risen by 7.96% in the last 24 hours and has a market value of $10229 billion. On bitcoin, another cryptocurrency information website shows that its price is $57041.68 per coin. This is also above $57,000.