Wednesday, May 29, 2024

In a volatile crypto market should you invest in Bitcoin or Dogecoin?

Elon Musk, the richest man in the works, is also a great supporter of cryptocurrency. In particular, he is fond of Dogecoin. Even Tesla from Musk accepts cryptocurrency when it comes to selling merchandise. However, this week Tesla revealed that they had made a profit of $64 million by selling their Bitcoin.

Should You Opt For Bitcoin Or Dogecoin

When Tesla made the announcement that they had sold 75% of their digital assets, there were many who expected the cryptocurrency market to take the heat from the investors. This especially applied to Bitcoin. Despite thie, Bitcoin continues to stay afloat, and has largely shrugged off any impact. Tesla made this sale in order to drive the cash reserves that it has.

When seen on Thursdsy, Bitcoin was trading at around $23,599.39. This means that it was up by around 9.91% in just the past day. Dogecoin was seen to trade at around $0.06799. This shows that it was up by around 8.16%. Data from CoinDesk suggests that the monthly drop of Dogecoin is around 4%. On the basis of half-yearly drops, the token contracted by around 52.5%. Taken on a year-to-date basis, Dogecoin has seen a slump by over 61% within a year. This means that it has gone down by almost 68%.

When it comes to weekly gains, for Bitcoin, this is about 5%. On the other hand, for Dogecoin, this is around 1%. Despite making the sale, the CEO of Tesla has hinted that the company could increase Bitcoin holdings later on. At the same time, they have not sold any of their Dogecoins.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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