The cryptocurrency market is witnessing a notable rise, led by an unexpected rise in Dogecoin (DOGE), a top 20 altcoin.
The cryptocurrency market is witnessing a notable rise, led by an unexpected rise in Dogecoin (DOGE), a top 20 altcoin.
This rally was primarily driven by the integration of X Payments, a significant development in the digital payments sector.
The meme-based cryptocurrency saw its value skyrocket to a 24-hour high of $0.08996, eventually stabilizing at $0.0785.
This bullish trend is not limited to Dogecoin; Other major cryptocurrencies, including Stellar (XLM) and BNB, are also seeing some gains.
The remarkable rise of a meme coin
Dogecoin’s impressive performance may be attributed to the recent strategic move by X Payments.
Following the launch of its dedicated payments account, the crypto community has been abuzz with speculation about the possible implications for various cryptocurrencies.
Dogecoin, in particular, saw a substantial double-digit price increase. However, this increase was followed by a slight retraction, with the coin’s value leveling off at $0.0785.
This bullish momentum is not limited to the leading meme coin. Siacoin (SC) is up 16.7%, making a significant jump in the market capitalization rankings. Chiliz (CHZ) also enjoyed a 12% rally.
However, it’s not just the lesser-known cryptocurrencies that are in the green; Major players such as BNB, Stellar (XLM), and Avalanche (AVAX) have posted modest but positive increases, each below 2%.
Contrasting Bitcoin performance
In contrast to the rise of altcoins, Bitcoin, the flagship cryptocurrency, appears to be in a state of limbo.
Despite the initial excitement surrounding the launch of multiple Bitcoin ETFs, the price of Bitcoin unexpectedly fell.
The introduction of these ETFs was initially seen as a milestone for the widespread financial adoption of Bitcoin.
However, the current market response suggests a more complex interplay of factors influencing Bitcoin’s value, ranging from profit-taking strategies to the reallocation of funds within the cryptocurrency ecosystem.
At press time, Bitcoin is trading at $41,618, according to data from CoinGecko.