Key Points
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Dogecoin’s valuation is moving lower today as investors concentrate more of the bets on Bitcoin.
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Investors are trying to determine whether to back the safer Bitcoin or riskier altcoin alternatives.
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Adverse trading between Bitcoin and Dogecoin is a relatively rare occurrence, and the latest round could wind up being just a blip on the radar.
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10 stocks we like better than Dogecoin ›
Dogecoin (CRYPTO: DOGE) is going through a modest valuation pullback in Tuesday’s trading. The cryptocurrency’s token price was down 2.1% as of 6:45 p.m. ET. Meanwhile, Bitcoin was up 2%, and Ethereum was down 1.5%.
Following a recent surge in bullish activity for the crypto market, investors are wavering on whether to back the market-leading Bitcoin or to put their money into riskier altcoins. Even though Dogecoin’s recent valuation run-up appears to be taking a bit of a breather, its token price is still up roughly 70.5% over the last three months.
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Dogecoin sees small slip as Bitcoin dominance regains some footing
Even though Bitcoin has seen an impressive 44% rally over the last three months, Dogecoin and many other altcoins have seen significantly greater gains across the stretch. Bitcoin continues to look like the safest individual token in the overall cryptocurrency space, but some investors have been moving more money into altcoins as the bullish backdrop for the crypto market has strengthened. Following a run of big valuation wins for the crypto market, investors are taking some altcoin money off the table and putting it back into Bitcoin today.
What’s next for Dogecoin?
Positive valuation momentum for Bitcoin has typically been a bullish catalyst for Dogecoin and the broader crypto market, and this will likely continue to be the case over the long term. Bitcoin recently hit a record high of more than $123,000 per token, and its rise to that level helped lift many other tokens in the crypto market.
Investors are taking some time to assess what’s next for crypto valuations and how aggressive they want to be with their strategies. For better or worse, valuation moves between Bitcoin and Dogecoin will likely become closely correlated again in the near future.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
