Bitcoin, Ethereum and Dogecoin are strong together, this is the reason

Bitcoin price hit record highs. The price of bitcoin touched US $ 65,000 per btc. This condition affects other cryptocurrency markets.

The second largest crypto coin in the world, Ethereum, is at an all-time high of around US $ 2,400, while Dogecoin is also seeing an increase.

The price of Dogecoin has risen more than 80% in the span of 24 hours, according to cryptocurrency tracker CoinDesk.

The soaring price of Bitcoin has pushed the value of other cryptocurrencies upside down. This is because some investors view these smaller cryptocurrencies like Dogecoin as a cheaper alternative to Bitcoin. Especially for those who invest in the short term and take advantage of the ups and downs of prices that are often volatile.

Bitcoin experienced a big jump in price in 2021 after Tesla and PayPal took part in the price fluctuation.

Tesla announced in February that it had invested US $ 1.5 billion in Bitcoin. Meanwhile, PayPal allows customers to use cryptocurrency to buy and sell on its platform.

Mastercard also plans to start supporting Bitcoin payments later this year.

Meanwhile, Dogecoin's price has jumped since the end of January. Dogecoin's price hike was influenced by Elon Musk's social media posts and GameStop surge.

Many experts are optimistic that Bitcoin's future will be good news for Dogecoin.

Simon Peters, an analyst at investment platform eToro, was quoted as saying by INews: "The dynamics have changed quite dramatically this year. Demand is flooding into the market from institutions like Bitcoin and Ethereum in large numbers and more and more are offline and holders are transferring them to their own wallets."

Investors expect higher highs and higher lows throughout the year. "In the short term, we may soon see some profit taking from some investors - a common theme that occurs when Bitcoin or its peers hit record peaks - but the long-term trend remains solid, with demand for alternative investments continuing," Simon said. as quoted INews.co.uk

In fact, Cryptocurrency trading platform Coinbase has applied for registering for an IPO on the Nasdaq. This is likely to be the biggest IPO this year.

Nick Spanos, co-founder of smart contract platform Zap.org, said: "Coinbase's upcoming IPO debut is very attractive to mainstream market investors as well as enthusiasts of the crypto market."

There are also opportunities to directly buy shares of companies that play a central role in Bitcoin and crypto. "Coinbase will open the gates for conservative investors to enter coins and other digital assets," said Nick as quoted by INews.co.uk.

But, keep in mind that well-known cryptocurrencies are very volatile. So it can be a risky investment.

Moreover, the Coinfloor cryptocurrency exchange was banned by the Advertising Standards Authority last month because it suggested buying Bitcoin was a safe way to invest.

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