When Bitcoin suddenly turns bullish again, all other markets will follow suit pretty quickly. One interesting market to keep an eye on in this regard is Dogecoin. Although it doesn’t lean on Bitcoin’s price trend as much as other currencies, the mighty DOGE has noted some impressive gains. As the Dogecoin price reclaims the $0.002 level, the coming hours will prove to be rather interesting for traders.
Dogecoin Price Gains Have Arrived
Although there was some concern regarding Dogecoin yesterday, it would appear most of the concerns were a bit premature. Considering how Dogecoin simply followed the overall bearish market trend yesterday afternoon, one had to wonder if that would remain the case for very long. This popular altcoin usually does its own thing regardless of the overall market trend.
Over the past few hours, the Dogecoin price has risen by 3.6% to push the value back to $0.002017. There is also a 3.15% increase in DOGE/BTC, although that just results in a shift from 51 to 52 Satoshi. Both developments will be of great interest to a lot of people, although Dogecoin has never been one of the strongest risers either. As such, this uptrend will not necessarily result in spectacular gains in quick succession.
Over the past few months, there has been a lot of debate regarding the future development of Dogecoin. Although there are no immediate changes required to make this project better, some people openly criticize the lack of further development. Dogecoin Memes decided to turn this debacle into a funny meme, although it seems unlikely that will settle the matter once and for all.
Some users may also experience problems when withdrawing Dogecoin from the Coinsquare platform. While it’s a bit unclear what is going on exactly, the team is working on a solution. No new update regarding this matter has been posted ever since the company confirmed something was amiss. However, it seems no major problems will be created because of this temporary setback.
For those traders who simply want to pocket a quick profit, there is an appealing Dogecoin arbitrage opportunity available as of today. The DOGE price between Koineks and Sistemkoin is very different, which gives traders a profit of up to 1.2% per trade. Although it seems as if things have gone quiet on the DOGE arbitrage front as of late, this option is still worth looking into throughout the course of the day.
— Arbing Tool (@ArbingTool) February 26, 2019
All of the current market signs seem to indicate there will be a solid crypto market recovery in the coming hours and days. As long as Bitcoin doesn’t turn immensely bearish again, there is nothing to be overly concerned about at this time. For Dogecoin watchers, this most recent price recovery will be a welcome sight as well. The $0.002 level is crucial for this altcoin, although turning it into solid support has been a big challenge.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.