McGlone’s analysis appears to be playing out as Bitcoin and Dogecoin are experiencing a downward price movement as of this writing. Interestingly, the price decline commenced hours apart, with Bitcoin descending first, only for DOGE to follow the same trajectory.
CoinMarketCap data shows BTC is exchanging hands at $92,873.61, a 3.04% decrease in the last 24 hours. DOGE has registered a slightly higher decline of 8.16% at $0.3214. Regardless of the percentage difference, both are experiencing a rapid decline compared to how they started in January.
However, on rare occasions, DOGE has broken the correlation with Bitcoin, as reported by U.Today.
According to McGlone, gold and the U.S. Dollar Index have 0.15 and -0.14, respectively. This emphasizes the weak relationship between Bitcoin and gold. The negative correlation with the U.S. dollar index implies that BTC moves in the opposite direction of the dollar value.
When Bitcoin strengthens, the dollar weakens, and vice versa. Overall, the stronger correlation is currently playing out on the broader cryptocurrency market, where BTC and DOGE are on a downward trajectory.
This article was originally published on U.Today
To read the full article, Click Here