As Bitcoin Price Drops, Dogecoin Doubles In A Day And YTD Profits Reach 5,000%

The meme-based altcoin, Dogecoin (DOGE), which has become a favorite talking point of Elon Musk, doubled in 24 hours, hitting an all-time high of $ 0.29.

DOGE leaves others far behind

DOGE / USD outperformed other major cryptocurrencies on Friday, Cointelegraph Markets Pro and TradingView showed. Dogecoin has also become the eighth largest cryptocurrency by market cap, in what seems like an almost incredible move. And it surpasses Litecoin (LTC), Chainlink’s LINK and Uniswap (UNI), among others. A single DOGE was trading at around $ 0.25 at the time of publication. Price prediction Cryptocurrency Germany is popular.

Over any time frame, gains have remained more than impressive, with 80% on the day, 300% in the last week and year-to-date returns of over 5,000%. Compared to the same date a year ago, Dogecoin is up 12,600%, shortly after the short bear market’s well in 2020. Professional traders even turned out to be surprised.

Scott Melker tweeted that this is the first DOGE pump he’s missed in years. But that he still likes it very much, that it is his all time favorite possession and his life changed in 2017. He further indicated that he is happy for those who are in it and asked, “Isn’t it?”

Turkey approves the ban on crypto transactions

Meanwhile, as with altcoins in a broader sense, the historic reversal of Doge’s fortune that day came at the expense of Bitcoin (BTC). The largest cryptocurrency saw a predicted retest from previous record highs around $ 61,000. As several tests of $ 61,000 support left the door open to further dips on Friday, daily losses were around 2.8%.

Also noticeably declining in recent weeks, Bitcoin’s market capitalization dominance was 52.1%. As the time has come for altcoins to take their turn which some analysts believe will not peak until later this summer. The loss of upward momentum is said to have been fueled by a ban on transactions by the Central Bank of Turkey.

This was endorsed by possible “irreparable” side effects from the country’s established fiat payment network. According to a statement quoted by Reuters, it is believed that the use of crypto in payments could result in irreparable losses for the parties to the transactions due to the factors mentioned above. French crypto predictions is popular. In addition, these could contain elements that could undermine confidence in methods and tools currently used in payments, according to the statement quoted by Reuters. Ether (ETH) also showed signs of a decline, bouncing back to USD 2,400 after seeing its own all-time high above USD 2,500 the day before.