Dogecoin (DOGE) and Maker (MKR) Rise As Altcoin Market Cap Exceeds $ 1T

With Coinbase (COIN) listing out of the way, traders’ focus has shifted back to the crypto market as Bitcoin (BTC) price works to regain its position above $ 63,000 and move altcoins higher.

After hitting a new all-time high near $ 65,000, the BTC price fell below $ 62,000 before finding some momentum in the range that one fund manager called a “ great buying opportunity. ”

Data from Cointelegraph Markets and TradingView shows that Bitcoin has been steadily climbing higher since Wednesday’s correction and bulls are trying to bend the USD 63,500 level from resistance to support.

BTC / USDT 4-hour chart. Source: TradingView

Trading for COIN was muted on Thursday as the price fell during the early hours of trading and closed the day at $ 326.88.

For those curious about how Bitcoin’s current price action compares to past bull cycles, Jarvis Labs co-founder Ben Lilly says looking at the time it took for BTC price to peak after the most recent halving, is a good place to start.

Bitcoin price after the halving of 2012, 2016 and 2020. Source: Jarvis Labs

As can be seen in the graph above, the current cycle falls somewhere between the 2012 and 2016 halving cycles with the price promotion “set up to be faster than what we saw in 2017, but slower than 2013.”

Altcoins steal the show

As Bitcoin and COIN faded from the spotlight on Thursday, altcoins stepped up to take the market higher. Dogecoin (DOGE) was the breakout star of the day with a 60% rally that saw its price sprint to a new all-time high of $ 0.1918.

Momentum for DOGE was kicked off when one of the well-known cryptocurrency proponents and “Technoking of Tesla” Elon Musk posted the following tweet for his 50.8 million followers.

Other notable altcoin achievements include Maker (MKR), which gained 43% on the day for a record high of $ 4,102 as the ecosystem moves towards full decentralization, and Band Protocol (BAND), which rose 38% to a new all-time high at $ 22.83 after the Announcement of integration with Google Cloud.

Daily cryptocurrency market performance. Source: Coin360

The total cryptocurrency market cap is now at $ 2.26 trillion and Bitcoin’s dominance is 53.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trade move carries risks, you should do your own research when making a decision.