Dogecoin DOGE/USD is trading higher by 2.7% to the $0.082-level during Monday’s session. Shares of several altcoins and crypto-related stocks are trading higher amid strength in Bitcoin.
Bitcoin experienced a significant surge on Monday, reaching a peak of $50,300, attributed to heightened institutional investment and substantial inflows into spot Bitcoin ETFs. The cryptocurrency, which began the day at around $48,000, notably rose during the U.S. trading session and settled near $50,200.
This surge is linked to over $1.1 billion in new capital entering spot Bitcoin ETFs in the previous week, contrasting with decreasing outflows from traditional funds…Read More
Why This Matters To Dogecoin
When Bitcoin experiences significant gains, it tends to attract more attention from investors, both institutional and retail. As a result, some of these investors may explore other cryptocurrencies, such as Dogecoin, as alternative investment opportunities, contributing to increased demand and potentially driving up its price.
Dogecoin, while fundamentally different from Bitcoin, still benefits from the network effects within the broader cryptocurrency ecosystem. Positive developments or trends in Bitcoin often spill over into other cryptocurrencies, leading to increased interest and investment in assets like Dogecoin.
See Also: Raoul Pal Targets $250,000 Bitcoin, Points To Currency Debasement As Reason
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