As we know, the cryptocurrency market is more unstable and vulnerable than any other. The costs of the most popular cryptocurrencies, such as Bitcoin, Dogecoin, and Ethereum, can change overnight, reaching new highs or dropping to surprising lows. The degree to which the market is vulnerable can be measured from the way that a tweet from Billionaire Elon Musk or an assertion from an industry expert is enough to impact the immediate costs. Over this past year, Bitcoin, the world’s most significant and most established cryptocurrency, saw an unprecedented boom. Other cryptocurrencies like Ethereum and Dogecoin, the popular meme-based cryptocurrency, have also gained massive support from Tesla and SpaceX CEO Elon Musk.
According to CoinDesk, Bitcoin costs were trading at $43,446, down 1.5 percent while Ethereum broke its 5-day winning streak by dropping almost 5 percent to $2,947. On the flip side, Dogecoin dropped more than 6 percent to $0.24. Other cryptocurrencies like Cardano, XRP, Uniswap, Litecoin, and Stellar also dropped over 5 percent over the last 24 hours.
That said, of all the famous cryptocurrencies, Bitcoin, specifically, has grown exponentially, reaching $64,000 in April, its highest ever. Here’s a look at how at how Bitcoin, Dogecoin, and Ethereum have performed over the last couple of months:
On Monday, August 9, the price of Bitcoin opened at roughly $44 519.61, up 0.67 percent, after being $44 156.90 when it lasted closed. This is the highest that Bitcoin has been since May 17, when the cryptocurrency was esteemed at $43,541. After fluctuating for a while, the cryptocurrency seems to have recovered significantly after hitting a low of $29,793 on July 20, its lowest over the past two months.
Ethereum typically follows a similar trajectory as Bitcoin. On August 9, the second most popular cryptocurrency opened at around $3 022.89, down 2.97 percent after being $3 103.50 after its previous closing. On August 7, the cost of Ethereum finally crossed the $3,100-mark after May 18 when it was esteemed at $3,377. Ethereum was at its lowest value on July 20 when it opened at roughly $1,786.
While Dogecoin probably won’t have a high rank as far as worth, it’s still on the top of the popularity chart. What began as a meme changed into a cryptocurrency that appreciated unhindered support from Elon Musk and others. On August 9, Dogecoin cost $0.25, down 8.9 percent from $0.27 the previous day. On May 9, the cryptocurrency was esteemed at $0.568. From that point onwards, the cryptocurrency took quite a hit, only to show indications of a recovery when it was esteemed at $0.261 in the first week of August. On June 21, Dogecoin had reached its lowest value at $0.17.
Of course, nothing is 100 percent certain in any market, although it’s the most unpredictable amongst cryptocurrencies. That said, the returns from these cryptocurrencies could be high to such an extent that they would merit giving up your job for, bear in mind, it’s high-risk trading. Your fortunes could increase at a fast rate, and they could decrease just as quickly as well.