Re: Bitcoin, Dogecoin Gain After Musk's Tweets, But Will There Be Another Bull Run?
The rise in market exchange rate price for DOGE since Elon bought Twitter has been astounding. I'm sure he's already made a small fortune off accepting DOGE for his "Burnt Hair" cologne earlier in the month. It's up over 50% just in the last 24 hours. There always seems to be something hyping DOGE, but as far as I can tell it's still seeing lower highs. I question if this latest pump isn't just more of the same. If the price doesn't break over $0.20, then I think we're still just seeing pump and dumps. If it does get significantly over $0.20 and stays there, I could see it making a run for a new ATH on the news that Twitter will be implementing DOGE payments.
Dogecoin's price usually moves up when there's hype surrounding the market. I'd say Elon Musk is the one person who "adds fuel to the fire" as he pumps the cryptocurrency's price across Twitter. While sometimes DOGE experiences short pumps, that's still not enough to make it reach a new All-time-high in price. Neither Dogecoin or any other altcoin will be able to reach new heights if Bitcoin is in "bearish mode". It's the one cryptocurrency which moves the rest of the market with it. If Bitcoin goes down, so will DOGE or any other cryptocurrency you can think of.
Many people are saying 2024 will be a bright year for crypto, as prices could pump following Bitcoin's block reward halving. If you bought coins at a discount now and hold onto them by the time prices pump, you'll be able to achieve solid gains in your investment. No one can predict the future, so we can only hope for the best. Just my opinion
DOGE is really only holding on because of Elon Musk's interest, but I doubt it can go on indefinitely. Bitcoin is indeed the very first and largest cryptocurrency, and basically the future of all cryptocurrencies depends on it. However, this does not mean that you cannot earn income on other cryptocurrencies.