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Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, highlighted a strong positive correlation of 0.68 between Bitcoin (BTC) and Dogecoin (DOGE), indicating that their price movements are closely linked. As both cryptocurrencies experience a downward trend, BTC is currently priced at $92,873.61, down 3.04%, while DOGE has seen a larger decline of 8.16% to $0.3214. McGlone also noted a modest correlation of 0.32 between BTC and the S&P 500, contrasting with weaker relationships with gold and the U.S. Dollar Index.
Dogecoin's market cap has soared to $55 billion, matching that of BNY Mellon, despite lacking earnings, raising concerns about market irrationality. Analyst Mike McGlone warns of potential overvaluation and parallels with the dot-com bubble, suggesting a looming correction as the crypto market swells to over 2.4 million assets. Meanwhile, gold's recent outperformance signals a shift towards safer investments amid economic uncertainty.
Dogecoin, once a joke in the crypto world, is gaining legitimacy with the recent launch of its first exchange-traded product (ETP) in Sweden, yet the absence of a dedicated Dogecoin ETF raises questions among industry experts. Despite its cultural significance and devoted community, analysts like Nate Geraci express confusion over the lack of ETF filings for DOGE, suggesting it could be a missed marketing opportunity. As the crypto ETF landscape evolves, the potential for a Dogecoin ETF by 2025 remains a topic of interest.
Mike McGlone
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