The price of Bitcoin has been on the rise for the last couple of months, as more people than ever invested in digital gold.
There are several reasons why everyone started investing in BTC once again. One of the significant triggers was the Covid-19 pandemic, which made a lot of people think twice about how they want to store their wealth.
But that’s not the only reason. For example, some exciting breakthroughs in the DeFi world returned hope to many people who had been interested in cryptos and blockchain before the latest price spike.
Litecoin, Dogecoin, & Many Other Cryptos Spark Investors’ Interest Once Again
BTC isn’t the only cryptocurrency that recorded an upward trend for the last couple of months. Many crypto investors have shown interest in popular cryptocurrencies that seemed to have lost the crypto battle just several months ago. Now, cryptos such as Litecoin and Dogecoin have returned more powerful than ever, recording big increases in price.
Apart from them, investors started pouring in money in many other cryptocurrencies, such as Bitcoin Cash, Ethereum, Polkadot, Cardano, and more. For now, we’ll focus on two cryptos that really started turned investors’ heads — Litecoin and Dogecoin.
LTC Price Overview
Unlike Bitcoin, which managed to surpass the price record set in December 2017, Litecoin failed to have the same achievement. Nevertheless, it’s definitely on the right track to do so, as the trading volume for the past couple of months has been bigger than ever. The current price of Litecoin is approximately $210, while its market cap surpasses $14 billion.
The all-time low for LTC was recorded on January 14, 2015, when a single unit was just $1.11. The all-time high was on December 19, 2017, when the first crypto boom took place. Bitcoin also experienced its first boom around that time.
Every LTC to BTC exchange sees plenty of trading between the two cryptocurrencies nowadays, as traders see many opportunities for this trading pair. Of course, LTC enthusiasts also trade “digital silver” for other cryptos.
Dogecoin Price Overview
Sometimes, the price of a cryptocurrency is determined by a single event, and this is the case of Dogecoin, which experienced a massive spike on January 29, 2021.
The cryptocurrency was traded at about $0.001 per coin for a really long time. However, one tweet from WallStreetBets’ chairman was enough to trigger tens of thousands of people to buy this cryptocurrency.
WallStreetBets is a Reddit group of small investors who caused the GameStop stocks to surge. The group gained millions of followers who were prepared for all kinds of investing actions. The chairman’s tweet was rather simple, asking whether Dogecoin has ever been equal to a dollar.
The price increased from $0.007 to 0.07 in just a day, increasing the value of the crypto ten-fold. Since then, DOGE has been trading at approximately $0.03.
Final Thoughts: Will Bitcoin Be Dethroned?
At the moment, it’s very difficult to make any kind of prediction about each cryptocurrency’s future. However, we can almost certainly claim that BTC will remain #1 crypto and “digital gold” for a very long time. Its market cap is currently $718 billion, as opposed to the second-ranking Ethereum, which has a $192 billion market cap. Still, it’s always worth taking other cryptocurrencies into account.