Dogecoin DOGE/USD is trading higher by 62% to the $0.139-level over the trailing week amid overall crypto market strength. Shares of altcoins and crypto-related stocks alike have seen marked gains for the week amid Bitcoin BTC/USD hitting $64,000 and Ethereum ETH/USD hitting $3,500.
Cryptocurrency markets often experience speculative momentum, where positive movements in one cryptocurrency can spill over into others. When Bitcoin, as the largest and most well-known cryptocurrency, experiences a significant increase in value, it can create excitement and optimism across the entire crypto market, including Dogecoin.
Periods when Bitcoin’s dominance in the cryptocurrency market decreases, often termed “altcoin seasons,” can see significant gains in alternative cryptocurrencies like Dogecoin. Investors may diversify their holdings away from Bitcoin into other cryptocurrencies, leading to increased demand and higher prices for altcoins.
See Also: As Dogecoin Jumps 18%, Founder Billy Markus Cracks Joke About Crypto Community
What Else?
Dogecoin saw a remarkable 600% surge in its social media presence, reflected in its “social dominance score” within a day, according to LunarCrush data. As Bitcoin reached over $64,000, boosting positive sentiments in the crypto market, Dogecoin’s price also hit $0.10.
Moreover, Dogecoin reclaimed its position among the top ten cryptocurrencies by market capitalization, overtaking Avalanche with a market cap of $16.4 billion, securing the 10th spot…Read More
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