Bitcoin (BTC) has been doing it great this year, but it’s not the only one. Indeed, some cryptocurrencies are performing even better. We’re opening this month by receiving new All-Time-Highs (ATHs) for Ethereum (ETH) and Dogecoin (DOGE) as well. The first one surpassed the awesome mark of $4,197 per coin for the first time, while DOGE reached $0.73 in the previous days.
These figures represent a year-to-date (YTD) increase of over 474% for ETH and 14,500% for DOGE [CoinMarketCap]. Against the YTD increase of Bitcoin (121%+), we can say for sure these altcoins might have rendered more profits to their holders. According to Blockchain Center, we’re in the middle of the alt-season. This means the investors are paying strong attention (and money) to different altcoins, beyond BTC.
The Bitcoin dominance in the market fell to 43%, while ETH soared slightly to 18.7%. There’s no clear evidence behind the price uptick, but several circumstances may have joined to boost Ethereum separately. Probably the first one has to do something with the next update, London, planned for July.
The goal of this Ethereum hardfork is reducing for good the high gas prices by implementing a new “base fee”, which amount is adjusted by the protocol based on how congested the network is. The base fee will be burnt (put out of circulation). So, there will be fewer and fewer ETH over time. The cryptocurrency would become deflationary then and could increase its value significantly.
However, before that happens, we can allude to the high popularity of Non-Fungible Tokens (NFTs) and Decentralized Finances ( DeFi). The first sector has a market cap of over $26b, while the second one ascends to $126.8b [ CryptoSlate]. Most of these apps (and funds) are still on Ethereum.
The rise of Dogecoin
Elon Musk, one of its greater promoters, has been tweeting a lot about this memecoin. Plus, he just talked about it in the popular TV show Saturday Night Live (SNL). During a comedy sketch, he tried to explain that Dogecoin was a cryptocurrency, as real as a dollar, but in the end, they called it a “hustle”.
As a consequence, DOGE had a bearish Sunday. The correction continues, swinging the price at $0.5 per token. For its part, despite the said words on SNL, the company SpaceX (lead by Musk) joined forces with the firm Geometric Energy Corporation (GEC) to complete the DOGE-1 Mission, “the first-ever commercial lunar payload in history paid entirely with DOGE”.
The payload will reach its destiny aboard a SpaceX Falcon 9 rocket in 2022. So, they literally will send Dogecoin to the moon. As Samuel Reid, CEO of GEC, commented:
“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector.”
At this rate, DOGE will be even more known and valuable when that moment comes. It already ranked fourth by market capitalization [$62.3b], surpassing long-established leaders like Tether (USDT), Cardano (ADA), and XRP.
Featured Image by Gerd Altmann / Pixabay
Originally published at https://blog.alfa.cash on May 10, 2021.