Since the value of Bitcoin (BTC), worlds largest cryptocurrency collapsed, Altcoins have steadily paved their way up in the market.
Many investors believe that the market is officially experiencing an Altseason as altcoins have a higher value since the May 13 sell-off. One of its primary reason is Elon Musk tweet
Working with Doge devs to improve system transaction efficiency. Potentially promising.
The market cap of DOGE coin spiked up to 10 billion after this tweet. Another groundbreaking cause was the announcement of Coinbase CEO Brian Armstrong stating that they will add Dogecoin in the next 6-7 weeks. The following factors led to a decrease in the Bitcoin dominance rate ( 40.78%).
Dogecoin, a meme stock, has raised its value by getting added by several rival platforms since the last year. While the Bitcoin (BTC) has continued to weaken near the $50,000 level as whale wallets holding at least 1,000 BTC have dwindled by 4.7% contrasted with the earlier month, demonstrating possible or a pivot into different assets to avoid severe market decline.
It’s not only Dogecoin that is enduring a profitable year, but other Altcoins are experiencing a boost up as well, such as Polygon (MATIC), which has seen its price rally 25% over the past 24-hours to reach a new record high at $1.82, 11.8% increase in the price of Polkadot (DOT) and a 14% increase in the price of Cardano (ADA).
Another venture whose cost engulfed 45% from the lows on May 13 is iExec (RLC), a decentralized distributed computing network after Coinbase uncovered that it would list the token.