Despite Dogecoin DOGE/USD trading 90% below its lifetime high, investors in the meme-coin appear to be better positioned than those holding Bitcoin BTC/USD or Ethereum ETH/USD.
What Happened: According to data from IntoTheBlock, 53% of DOGE holders are making money at current prices, whereas only 50% of BTC holders and 52% of ETH holders are in the green.
See Also: How To Buy Dogecoin (DOGE)
It is worth noting that both DOGE and ETH have a strong correlation with the leading digital asset. At the time of writing, DOGE’s 30-day correlation with BTC stood at 0.83 while ETH’s was as high as 0.99.
By comparison, Dogecoin rival Shiba Inu SHIB/USD exhibited one of the lowest levels of correlation with BTC at 0.53. Holders of SHIB were also in a far more dire situation, with only 24% making a profit at current prices despite a 30% rally over the last week.
Year-to-date, 2022 has turned into the “worst bear market in crypto history” as per on-chain data seen by analysts at Glassnode.
“Only 3.5% of trading days have seen larger capital outflows,” stated the analysts in a recent market report.
See Also: HOW LONG WILL A BITCOIN BEAR MARKET LAST?
Price Action: According to data from Benzinga Pro, at press time, BTC was trading at $20,700, down 2.12% in the last day. ETH was trading at $1,181, down 3.41% and DOGE was trading at $0.06, down 6.5% over the same period.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
