25.02.202107:03 Forex Analysis & Reviews: Apart from bitcoin's rally, Dogecoin skyrockets by 1,100% in three days

While bitcoin is extending a stellar bullish run, aiming for new record highs, other altcoins are also following suit. Thus, there are plenty of opportunities to earn on other digital currencies apart from bitcoin. The number one cryptocurrency is literally dragging other tokens upwards. Other popular cryptocurrencies like Litecoin and Ethereum are also developing a steady rally. However, there is another cryptocurrency which originally was invented as a joke, but in the course of time it has won favor with crypto fans. I'm speaking about Dogecoin which is recently firmly associated with Elon Musk. Actually, Tesla owner has not invested in Dogecoin yet. At least, no public statements have been made so far. Back in 2019, the Dogecoin project launched a poll on Twitter. Users were invited to choose a new CEO. The majority voted for Elon Musk who hardly new anything about a new digital asset at that time. Nevertheless, Musk welcomed his victory in the poll. Since then, the token has been steadily appreciating in light of his tweets. "Dogecoin could become my favorite cryptocurrency. It's very cool", Elon Musk said in 2019.

Besides, this cryptocurrency has benefited from the media hype that sprang up at the beginning of the year on account of the shares of the GameStop store. In general, the digital currency is now trading at elevated levels, having gained wide popularity. Originally, it collected donations on various forums.

Meanwhile, Musk's name is now being more frequently associated with bitcoin. We have already written earlier that the shares of the Tesla company are now pegged to the bitcoin exchange rate from the viewpoint of many experts. Despite the fact that both Tesla shares and the bitcoin exchange rate have fallen in value over the past few days, experts are still optimistic about their future. Almost everyone believes that bitcoin will continue to strengthen, especially provided that the US Congress is on the track to approve new paychecks to Americans in the amount of $ 1,400 per person. Of course, not everyone will rush to buy the number one cryptocurrency and Tesla shares, but many will do exactly like that. Experts warn that lots of retail investors worldwide are buying bitcoin with borrowed funds in the hope of making a profit. However, as we have already said, not all bitcoin holders will eventually make profits. Some of them will incur losses. But in the course of time, when the world economy gets back on track, many investors will opt to sell bitcoin. So, other safe and less volatile trading instruments will become more attractive for investment.