Crypto Market Surge: Dogecoin and Cardano Lead Aggressive Altcoin Rally
The cryptocurrency market is showing strong upward momentum, with the global crypto market cap reaching $3.07T, marking a 2.21% increase over the last day. This bullish movement is underscored by a dramatic spike in trading activity, as the total crypto market volume surged by 81.67% in the last 24 hours, totaling $117.24B. The CoinMarketCap 20 Index (CMC20) reflects this positive trend, showing a 2.15% increase over the past 24 hours.
Bitcoin and Ethereum Maintain Ascent
While the overall market cap expands, the two largest cryptocurrencies continue their positive trajectory. Bitcoin (BTC), currently priced at $90,032.51, registered a 1.48% increase over the last 24 hours, bringing its weekly gain to 3.02%. Similarly, Ethereum (ETH) demonstrated robust performance, rising by 3.17% in 24 hours and climbing 6.34% over the week, trading at $3,112.02.
Significantly, the movement of funds suggests increased focus on alternative assets, as Bitcoin’s market dominance slightly decreased by 0.41% over the day, settling at 58.49%. This shift is reflected clearly in the outstanding performance of key altcoins.
Altcoins Show Double-Digit Gains
The major story of the past 24 hours lies in the high-flying performance of several top-ten assets:
• Dogecoin (DOGE) was the clear leader, posting an exceptional 11.74% gain in the last 24 hours. This short-term surge is part of a dominant weekly trend, with DOGE registering a 17.03% increase over the last seven days.
• Cardano (ADA) also saw strong growth, rising by 10.27% over the day and posting an 11.56% gain for the week.
• XRP rounded out the top gainers, experiencing an 8.41% increase over 24 hours, contributing to its 10.01% gain for the week.
• Other major Layer 1 competitor, Solana (SOL), recorded a solid 3.77% gain in the same 24-hour period.
Stability in the Crypto Ecosystem
Amidst this market volatility and impressive gains, the role of stablecoins remains crucial. Stablecoins are a type of cryptocurrency designed to be tied in value to existing currencies, such as the U.S. dollar, to address the historical price volatility of the crypto market.
Both major stablecoins in the top ten remained firm:
• USDC recorded a 0.00% change over 24 hours, trading at $0.9997.
• Tether (USDT) saw only a minimal fluctuation of 0.08%.
The consistent stability of these assets ensures that traders have reliable tools for transactions even as the prices of other cryptocurrencies experience large swings.
Graphical representations
The sources confirm that graphical representations of cryptocurrency data are a central component of the information provided by CoinMarketCap.
Here is an overview of the graphical representations available according to the sources:
• Live and Historic Crypto Charts: The platform provides a graph on each coin data page that displays both the current and historic price information for that specific coin or token.
• Customization: While these graphs usually start at the asset's launch, users have the ability to select specific 'to' and 'from' dates to customize the chart according to their needs.
• Accessibility: These charts and their associated information are provided free to visitors of the website.
• Indices: The platform also uses indices to track market segments, which inherently rely on graphical representation to monitor movement over time. One such index is the CoinMarketCap 20 Index (CMC20).
In addition to charts, the platform offers several other tools and indicators that are typically represented graphically:
• Indicators: The sources list several key indicators, including the Fear and Greed Index, the Altcoin Season Index, and Market Cycle Indicators.
• Technical Analysis Tools: The platform supports technical analysis through tools like RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence).
• Market Data Visualization: The site provides data about trending cryptos, gainers & losers, and most visited assets, which are categories often visualized in leaderboards or charts.
• Derivatives Data: Data on Funding Rates for derivatives is also provided.
These visualizations empower users with accurate, timely, and unbiased information to track the value of their investments and assets.
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