The price of Dogecoin, along with most other cryptocurrencies, has collapsed against the USD and other traditional currencies due to the ongoing global coronavirus pandemic which has sent most markets spiraling out of control this week. Will Dogecoin rebound and remain a stable cryptocurrency in this bear market?
The coronavirus has been the main issue on mainstream media's publications and television segments leading up to the United States presidential election in 2020. Multiple countries around the globe have sounded the alarm and have declared national emergencies such as Italy. Later today, President Donald Trump is also expected to declare a national emergency for the United States. This week the stock market has seen some major losses in the market due to major news, but nothing compared to Bitcoin and other popular cryptocurrencies like Ethereum and Litecoin. Bitcoin, for example, fell 55% against the USD from its week high to its week low.
Dogecoin fell roughly 34% in the last 7 days, originally trading at a high of $0.0024 USD to currently trading at $0.0016 USD. Dogecoin has proven yet again that during times when Bitcoin falls significantly against the Dollar, it will serve better to hold Dogecoin over Bitcoin to not suffer major losses in case Bitcoin's value doesn't return to normal. Dogecoin now costs 31 satoshis (32 in some markets) and has gained roughly 5.5% against Bitcoin. Dogecoin has fallen by 12% versus Bitcoin's 16% against the USD in the last 24 hours.
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