Bitcoin has exploded once again in the past 24 hours and has moved up quickly after crossing the $ 34,000 price resistance. BTC is currently being traded for $ 33,950.
Most eyes are on Bitcoin , although some also look on Dogecoin. The meme cryptocurrency is best known for the attention of Elon Musk, CEO of Tesla – and is up 100% in the past 24 hours.
This makes it the top performing crypto asset in the top 100 by market capitalization. DOGE now has a market cap of $ 1.5 billion, making it the 24th largest cryptocurrency.
This appears to be the fastest DOGE rally ever – it beats the speed of previous bull market rallies.
Let’s try to take a look at what’s going on.
Trying to explain Dogecoin’s 100% rally
While DOGE has increased by 100 percent in the last few days alone, it has increased by over 200 percent in the last two weeks. This rally appears to be cyclical.
In each of the Bitcoin bull markets, DOGE has seen a strong parabolic rally. Many argue that this is a by-product of the retail investor appeal that the cryptocurrency built due to the „doge“ meme, which is almost immortal in internet culture.
There is also a technical rating for this rally
Before the upward blast, DOGE sat on crucial tech support against Bitcoin – 15 Satoshis. This means that it cost 0.000000015 BTC to buy a Dogecoin.
This has historically been a level of support for the cryptocurrency. In fact, the cryptocurrency has never broken this level in the past five years.
When the rally began, investors expected a parabolic move upward, as is common when Dogecoin goes above technical resistance levels.