Bitcoin is so 2021. Here’s why some institutions are set to bypass the No. 1 crypto and invest in Ethereum, other blockchains next year
A weekly glimpse at the most critical moves and news in the crypto and predictions in digital assets.
Bitcoin BTC/USD, down 2.03 percent, remained steady from seven days ago, posting a 0.2 percent loss. The cryptocurrency, which is down nearly 30% from its all-time high of $68,990 in November, has been under selling pressure over the previous several weeks. Investors expected the Federal Reserve to accelerate bond purchases and likely raise interest rates three times in 2022. However, bitcoin surged following the Fed’s announcement on Wednesday.
Ether ETH/USD has declined 3.57 percent in the last seven days and is currently trading at roughly $4,028. According to CoinDesk, it was down more than 15% from its all-time high of roughly $4,866.
Dogecoin DOGE/USD, -1.63 percent has gained 3.4 percent in the last seven days, while Shiba Inu SHIB/USD, -2.34 has lost 4.4 percent.
Cryptocurrencies are all the major trends, but should you invest in one? I’m not sure. There’s no doubt that they’re becoming more popular by the day – some even believe they’ll replace gold as a form of currency! But, before we get too deep into Dogecoin, let me explain to you what makes it distinctive. – Billy Markus debuted it honestly and publicly on December 6, 2013, with no claims or aspirations to be “better” than other coins. They desired something equitable for all cryptocurrency users. The miners were primarily gamers with strong VGA cards.
Dogecoin is a cryptocurrency parody founded in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. Palmer explained in an interview that the inspiration for the project originated from two online tabs he had open on his computer at the time: one with a viral internet meme of a Japanese Shiba Inu “doge,” and the other with a list of recently introduced bitcoin ventures to the market.
Palmer playfully coined the term “Dogecoin” for himself and posted the now-famous sentence, “Investing in Dogecoin, quite sure it’s the next big thing,” on his Twitter account. It piqued the eye of the meme-fueled crypto community right away.
To retain it as a private joke coin, Dogecoin was deemed “as absurd as possible” and marketed as “a fun coin.”