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Dogecoin Price: Bulls Regain Control as Bitcoin and Ethereum Falter

There is no such thing as a boring day in the cryptocurrency world. Even though all major currencies are suffering from a loss, it is evident the Dogecoin price is on the end. This surprising turn of events was bound to occur sooner or later, primarily because DOGE seems to thrive when the rest of the market struggles.

Dogecoin Price Rebound Kicks in

As mentioned earlier this week, a Dogecoin price reversal appeared to be on the horizon. So far, that seems to hold true, as the Dogecoin price has recovered a bit of lost value over the past 24 hours. Although the gain is relatively small, it is rather impressive when considering how the Bitcoin price, as well as Ethereum’s value, are both suffering from declines as of right now.

To put this in perspective, the Dogecoin price has gained 3.19% in the past 24 hours. This helps push the value back to $0.006361, and its market cap is on the way to hit $740m again. If this trend keeps up, it is not unlikely Dogecoin’s market cap will rise to $75m and potentially higher in the coming days. That can only happen if Bitcoin’s value doesn’t recover, though, as that appears to hinder DOGE’s price growth.

Looking across social media, it seems the opinions on Dogecoin’s price momentum are sparking new initiatives and debates. One user explained how the SEC is likely to reject another Bitcoin ETF proposal in the near future, which would send the BTC value spiraling down very quickly. Given how the SEC rejected nearly a dozen proposals a few weeks ago, it seems unlikely any other outcome should be expected first and foremost.

Whether or not the advice of going all-in on Dogecoin needs to be followed by other traders, is a different matter altogether. There are no real “safe plays” in cryptocurrency these days, unless one is willing to hold onto the cryptocurrency for a very long time. Both Dogecoin and Bitcoin present an interesting case in this regard, as they may both note some interesting trends moving forward.

On the meme front, a lot of exciting things are happening as of right now. It appears someone has replaced a Bitcoin Cash sticker at a local McDonalds with a Dogecoin sticker. Although BCH has seen its fair share of hate, this is simply a joke attempt first and foremost. Even so, one has to wonder if and when any major retailer begins accepting Dogecoin payments. McDonalds is an unlikely candidate in this regard, but one never knows what the future holds.

For the time being, things look good as far as the Dogecoin price is concerned. Although this trend may not necessarily last all that long, there is plenty of reason to be happy with the current trend. Dogecoin continues to spark a fair few debates as time progresses, which is always exciting and intriguing to keep an eye on. The coming hours and days may prove to be crucial for this cryptocurrency.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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