Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T

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After Coinbase’s (COIN) listing slipped, traders’ attention has turned back to the cryptocurrency market as the price of bitcoin (BTC) tries to recover, positioning itself above $63,000 again and altcoins are on the rise.

After hitting a new all-time high around $65,000, the price of BTC dropped below $62,000 before momentum returned in what one fund manager called an excellent buying opportunity.

Data from Cointelegraph Markets and TradingView show bitcoin climbing steadily after Wednesday’s correction, with bulls trying to turn the resistance level of $63,500 into support.

4 hour chart BTC/USDT. Source: TradingView

Trading activity in COIN was light on Thursday, with the price falling in the early hours of trading to close at $326.88.

For those interested in how the current bitcoin price compares to previous bull cycles, Jarvis Labs co-founder Ben Lilly says you should start by looking at how long it took for the BTC price to spike after it halved.

Bitcoin price after halving in 2012, 2016 and 2020. Source: Jarvis Laboratories.

Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T

As you can see in the chart above, the current cycle is somewhere between the 2012-2016 cycles, where price action is building faster than what we saw in 2017, but slower than in 2013.

Altcoins steal the show

Although Bitcoin and COIN were not in the mix on Thursday, Allcoins rose and carried the market higher. Dogecoin (DOGE) was the star of the day with a 60% rally that saw the price reach a new all-time high of $0.1918.

The momentum for DOGE began when one of cryptocurrency’s famous advocates and Tesla engineer, Elon Musk, posted the following tweet to his 50.8 million followers.

Peeping toms on the moon pic.twitter.com/QFB81D7zOL

– Elon Musk (@elonmusk) April 15, 2021

Other notable altcoin performers include Maker (MKR), which rose 43% on the day to a record $4,102 as the ecosystem moves toward full decentralization, and Band Protocol (BAND), which climbed 38% to a new all-time high of $22.83 following the announcement of its integration with Google Cloud.

Daily indicators for the crypto-currency market. Source : coin360

Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T

The total market capitalization of cryptocurrencies is currently $2.26 trillion and bitcoin dominates with 53.7%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

frequently asked questions

Will Trump make $1?

Dogecoin (CRYPTO:DOGE) won’t reach the $1 mark anytime soon, although the cryptocurrency joke is attracting celebrity fans after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk followed Snoop Dogg’s lead. … For this coin to truly be considered a coin of the future, the DOGE story needs to be ironed out as a piece to remember.

Will Dogecoin make me rich?

Yes, people have made a lot of money buying Dogecoin, and although the coin was originally designed as a joke, if you can afford to invest a small amount of money in it, it might not be such a bad idea.

Is this a good time to buy Dogecoin?

Dogecoin has the potential to be a profitable investment in the short term. Of course, if you invested in mid-January and sold at the right time, you could make a lot of money. However, short-term investing is incredibly risky and a great way to lose a lot of money.

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