- Dogecoin rises 10% to $0.2332, up 53.11% in the last month.
- Bitcoin hits $103,991, just $9 shy of $104K, per CoinMarketCap.
- Bitcoin dominance falls sharply, marking its worst 3-day drop since Nov 2024.
Over the last 24 hours, Dogecoin has risen ten percent and stands at $0.2332 at the time of writing. In the past month, Dogecoin has gained momentum in price by 53.11%.
According to CoinMarketCap, Bitcoin’s price has shot up to $103,991 with a mere $9 gap of scaling $104000. The price of the cryptocurrency has gone up because of the news concerning a big trade deal between the US and the UK on Thursday.
The trade deal’s evolution has led to higher market momentum resulting in increased value of cryptocurrencies. This has changed market dynamics, and liquidity has shifted, and alternative coins such as Ethereum have gained, now outperforming Bitcoin.
Bitcoin Dominance Sees Sharp Decline
Source – X
As shown by a Trading View chart, the dominance of Bitcoin in the market has reduced significantly to 63.338% this week. This has been the largest 3-day loss since November 2024, as per a 0.26% drop in one day. The data indicates that Bitcoin’s supremacy reached its maximum point at 63.885%, but then it dropped to 63.18% after that.
This significant decline in dominance implies that investors are repositioning themselves. Investors are flooding money into alternative coins, with Ethereum leading the way. The exit of liquidity from the Bitcoin ecosystem has created opportunities for other cryptocurrencies to win market share.
The decline of Bitcoin’s market share demonstrates an upward trend in altcoin popularity, since together they amount to $3.3 trillion, in total crypto capitalization, as reported by CoinMarketCap.
Crypto Booms on US-UK Economic Breakthrough
Thursday’s trade agreement between the United States and the United Kingdom has caused shocks to be felt in the bitcoin market. The investor confidence has grown due to the deal, and this has led to a massive market pump. This positive outlook has sent prices off for a variety of cryptocurrencies, including Dogecoin and Bitcoin.
The 10% rise in daily trade of Dogecoin indicates its outstanding performance during the period of increasing market. The 53.11% increase of the last month proves Dogecoin’s appeal for people who are interested in high returns. Similarly, Bitcoin’s slow rise to $104,000 shows continued investor faith in the world’s number one coin.
While Ethereum surpasses Bitcoin in performance, it points out a significant change in market behavior. As more money is invested in altcoins, the investors are diversifying their holdings, positively affecting the general growth of the market.
Apart from cryptocurrencies, the trade accord shows a more general upturn in economic sentiment. Strikingly, the cryptocurrency industry has reacted strongly: the total market volume jumped to $163.17 billion in the past day.
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