- Despite fundamental differences, Bitcoin and Dogecoin share a strong correlation
- Short-term trajectory pointed to a DOGE price increase and a BTC decline
Not many cryptocurrencies have survived a decade of existence. And yet, Bitcoin [BTC] and Dogecoin [DOGE] have been in the market for more than 10 years. Despite that, not many are aware of the difference between both.
In this article, AMBCrypto will dive into the similarities and differences between Bitcoin and Dogecoin. You would also learn about their respective price action and on-chain conditions.
Bitcoin vs Dogecoin: Who takes the crown?
Bitcoin and Dogecoin have a few things in common. The most notable one is that they both use the Proof-of-Work (PoW) consensus mechanism.
This similarity is why the blockchains are among the top projects who still stick to mining, instead of adopting the use of validators. However, the major difference between them is their supply.
While Dogecoin’s supply is unlimited, Bitcoin’s maximum supply is 21 million coins, making it a more scarce asset than DOGE. At press time, DOGE was changing hands at $0.12.
This was a 38.19% hike on a Year-To-Date (YTD) basis. As far as Bitcoin was concerned, it was valued at at $61,579 – A 39.42% increase within the same period.
When we assessed the prices of both cryptocurrencies, we noticed that there was a strong correlation. For instance,, according to Macroaxis, the Bitcoin vs. Dogecoin correlation stood at 0.98.
Source: Macroaxis
Values of the correlation coefficient range from -1 to +1. When the reading is close to -1, it means that the prices diverge, and they rarely move together.
However, a coefficient close to +1 implies otherwise. Therefore, the correlation between BTC and DOGE showed that if you invested some money into both coins since the start of the year, you would get almost the same returns.
However, the returns on Bitcoin would be slightly higher. Ergo, the question – Will the prices continue to move in the same direction? Let’s look at it.
DOGE takes the upper hand this time
To ascertain this possibility, AMBCrypto analyzed the In and Out of Money Around Price (IOMAP). This indicator, provided by IntoTheBlock, spots support and resistance levels.
It does this by grouping addresses that bought at a certain price range. Some of which will be in profit, and some in loss. Typically, the larger the cluster of addresses, the solid the support or resistance provided.
At press time, AMBCrypto found that a sell-wall appeared at $62,134. At this point, 1.64 million addresses bought 759,670 BTC. On the other end, 755, 240 addresses bought 445,280 BTC at around $60,793.
Source: IntoTheBlock
Considering the difference, it is likely that Bitcoin might face another decline. If this is the case, the coin risks falling below $60,000. As such, it might not be the best time to buy BTC.
For Dogecoin, it was an entirely different scenario. Unlike Bitcoin, DOGE had its support at $0.12. This, because 86,480 addresses purchased 6.87 billion DOGE at the said price.
This was more than 33,520 addresses that bought 717.77 million coins at a higher value. Thanks to this condition, DOGE might just trade at a higher value in the short term.
Source: IntoTheBlock
Realistic or not, here’s DOGE’s market cap in BTC terms
In addition, the possible target for Dogecoin is between $0.13 and $0.15. Simply put, the memecoin might offer a better return than Bitcoin in the short term.
- Despite fundamental differences, Bitcoin and Dogecoin share a strong correlation
- Short-term trajectory pointed to a DOGE price increase and a BTC decline
Not many cryptocurrencies have survived a decade of existence. And yet, Bitcoin [BTC] and Dogecoin [DOGE] have been in the market for more than 10 years. Despite that, not many are aware of the difference between both.
In this article, AMBCrypto will dive into the similarities and differences between Bitcoin and Dogecoin. You would also learn about their respective price action and on-chain conditions.
Bitcoin vs Dogecoin: Who takes the crown?
Bitcoin and Dogecoin have a few things in common. The most notable one is that they both use the Proof-of-Work (PoW) consensus mechanism.
This similarity is why the blockchains are among the top projects who still stick to mining, instead of adopting the use of validators. However, the major difference between them is their supply.
While Dogecoin’s supply is unlimited, Bitcoin’s maximum supply is 21 million coins, making it a more scarce asset than DOGE. At press time, DOGE was changing hands at $0.12.
This was a 38.19% hike on a Year-To-Date (YTD) basis. As far as Bitcoin was concerned, it was valued at at $61,579 – A 39.42% increase within the same period.
When we assessed the prices of both cryptocurrencies, we noticed that there was a strong correlation. For instance,, according to Macroaxis, the Bitcoin vs. Dogecoin correlation stood at 0.98.
Source: Macroaxis
Values of the correlation coefficient range from -1 to +1. When the reading is close to -1, it means that the prices diverge, and they rarely move together.
However, a coefficient close to +1 implies otherwise. Therefore, the correlation between BTC and DOGE showed that if you invested some money into both coins since the start of the year, you would get almost the same returns.
However, the returns on Bitcoin would be slightly higher. Ergo, the question – Will the prices continue to move in the same direction? Let’s look at it.
DOGE takes the upper hand this time
To ascertain this possibility, AMBCrypto analyzed the In and Out of Money Around Price (IOMAP). This indicator, provided by IntoTheBlock, spots support and resistance levels.
It does this by grouping addresses that bought at a certain price range. Some of which will be in profit, and some in loss. Typically, the larger the cluster of addresses, the solid the support or resistance provided.
At press time, AMBCrypto found that a sell-wall appeared at $62,134. At this point, 1.64 million addresses bought 759,670 BTC. On the other end, 755, 240 addresses bought 445,280 BTC at around $60,793.
Source: IntoTheBlock
Considering the difference, it is likely that Bitcoin might face another decline. If this is the case, the coin risks falling below $60,000. As such, it might not be the best time to buy BTC.
For Dogecoin, it was an entirely different scenario. Unlike Bitcoin, DOGE had its support at $0.12. This, because 86,480 addresses purchased 6.87 billion DOGE at the said price.
This was more than 33,520 addresses that bought 717.77 million coins at a higher value. Thanks to this condition, DOGE might just trade at a higher value in the short term.
Source: IntoTheBlock
Realistic or not, here’s DOGE’s market cap in BTC terms
In addition, the possible target for Dogecoin is between $0.13 and $0.15. Simply put, the memecoin might offer a better return than Bitcoin in the short term.
fantastic issues altogether, you simply gained a emblem new reader. What could you recommend in regards to your post that you made some days in the past? Any certain?
Good website! I truly love how it is simple on my eyes and the data are well written. I’m wondering how I could be notified when a new post has been made. I’ve subscribed to your feed which must do the trick! Have a nice day!
I’m still learning from you, as I’m trying to reach my goals. I definitely liked reading all that is posted on your site.Keep the tips coming. I liked it!
Hi , I do believe this is an excellent blog. I stumbled upon it on Yahoo , i will come back once again. Money and freedom is the best way to change, may you be rich and help other people.
What i don’t realize is actually how you’re not really much more well-liked than you might be right now. You’re so intelligent. You realize thus significantly relating to this subject, produced me personally consider it from numerous varied angles. Its like men and women aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs outstanding. Always maintain it up!
excellent post, very informative. I ponder why the other experts of this sector don’t notice this. You should proceed your writing. I am confident, you have a great readers’ base already!
Purdentix review
Purdentix
Purdentix review
This site truly stands out as a great example of quality web design and performance.
I love how user-friendly and intuitive everything feels.
I love how user-friendly and intuitive everything feels.
The layout is visually appealing and very functional.
I love how user-friendly and intuitive everything feels.
This site truly stands out as a great example of quality web design and performance.
I’m really impressed by the speed and responsiveness.
The design and usability are top-notch, making everything flow smoothly.
This website is amazing, with a clean design and easy navigation.
I love how user-friendly and intuitive everything feels.
The content is engaging and well-structured, keeping visitors interested.
The content is engaging and well-structured, keeping visitors interested.
A perfect blend of aesthetics and functionality makes browsing a pleasure.
The content is well-organized and highly informative.
I love how user-friendly and intuitive everything feels.
The layout is visually appealing and very functional.
This website is amazing, with a clean design and easy navigation.
The content is well-organized and highly informative.
This website is amazing, with a clean design and easy navigation.
A perfect blend of aesthetics and functionality makes browsing a pleasure.
It provides an excellent user experience from start to finish.
The content is well-organized and highly informative.
This site truly stands out as a great example of quality web design and performance.
I’m really impressed by the speed and responsiveness.
This site truly stands out as a great example of quality web design and performance.
I am curious to find out what blog system you’re working with? I’m having some small security problems with my latest website and I would like to find something more secure. Do you have any suggestions?
You made some decent points there. I did a search on the topic and found most guys will agree with your blog.
where to get cheap clomid without dr prescription can i buy cheap clomiphene without dr prescription where buy clomiphene pill can i buy generic clomid no prescription can you buy clomid for sale generic clomid cost generic clomiphene without rx
More articles like this would pretence of the blogosphere richer.
More posts like this would make the online space more useful.
azithromycin over the counter – order floxin sale metronidazole order online
purchase semaglutide – buy cyproheptadine 4 mg generic periactin 4mg usa
domperidone 10mg price – tetracycline 250mg ca cyclobenzaprine 15mg over the counter
naturally like your web-site however you have to check the spelling on quite a few of your posts. Several of them are rife with spelling issues and I in finding it very bothersome to tell the reality on the other hand I will surely come back again.
propranolol us – buy inderal paypal order methotrexate 10mg
order amoxicillin – buy ipratropium 100mcg for sale ipratropium 100 mcg sale
order azithromycin 250mg without prescription – bystolic 20mg generic order bystolic for sale
augmentin 375mg cheap – https://atbioinfo.com/ ampicillin uk
order nexium 40mg for sale – anexa mate how to buy nexium
order warfarin pill – anticoagulant order cozaar 50mg generic
purchase meloxicam sale – tenderness purchase meloxicam pill
order prednisone – corticosteroid order prednisone 5mg online cheap
Keep working ,terrific job!
best over the counter ed pills – best ed medication low cost ed pills
buy cheap generic amoxicillin – comba moxi order amoxicillin pills
buy fluconazole 200mg online – on this site buy generic diflucan over the counter
cenforce price – order cenforce 100mg generic buy cenforce 100mg online cheap
purchase cialis online – https://ciltadgn.com/ cialis 5mg cost per pill
order zantac generic – https://aranitidine.com/ buy zantac pills
What i don’t understood is actually how you are not really much more well-liked than you might be now. You’re very intelligent. You realize therefore significantly relating to this subject, produced me personally consider it from a lot of varied angles. Its like men and women aren’t fascinated unless it’s one thing to do with Lady gaga! Your own stuffs excellent. Always maintain it up!