Recently, Dogecoin (DGC) trading surpassed that of Bitcoin. As a result, the largest cryptocurrency by market capitalization fell to 2nd on the charts at least for a brief period of time. The move shows high demand for Dogecoin in the market and shows just how far the altcoin market has come this time around.
In the last 36 hours, DGC trading volume rose to as high as $11.5 billion in trading volume overall which is yet another record-setting move.
Altcoins have historically played second fiddle to Bitcoin, both in demand and trading volumes. However, the last bull cycle changed some of the status quo as at the very end, the cryptocurrency market saw a surge of appreciation for altcoins. Due to this sudden demand, Bitcoin’s majority share of the market took a massive hit and it became a minority leader instead with around 38% of the total market cap at one point. Also, the combined trading volume of the other cryptos also overtook Bitcoin for the first time in history.
Fast forward four years, the overall altcoin trading volume is much higher than Bitcoin’s at the moment and even individual tokens are sparingly giving BTC a run for its money. Dogecoin recently surpassed Bitcoin in trading volume and it is not the first time the cryptocurrency has done it. There have been several instances over the last few months when its trading has gone absolute nuts and surpassed that of Bitcoin, even if briefly.
The meme-based rise is surprising for many in the business but it is getting more and more streamlined over time. The constant promotion of the cryptocurrency by big investors and influencers like Elon Musk and Mark Cuban have also helped in the cryptocurrency’s further adoption. It is ironic that Bitcoin’s mighty trading volume was brought down by a meme cryptocurrency that started as a joke and is driven by memes, but that is the world we live in right now.
However, the rise of altcoins is never consistent and Bitcoin eventually takes back control. At press time, the top crypto is worth around 50.5% of the entire market capitalization, having risen 1% over the last 48 hours. The peculiar trading activity of DGC makes it even more strange considering it is worth less than 4% of the entire Bitcoin market cap.
Image source: forextime.com under CC
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