One of the top 20 cryptocurrencies, Dogecoin (DOGE), has seen an unanticipated jump, leading to a major surge in the cryptocurrency market.
The incorporation of X Payments, a noteworthy advancement in the digital payments industry, was the main cause of this rally.
The value of the meme-based cryptocurrency surged to a 24-hour peak of $0.08996, before levelling out at $0.0785.
Dogecoin is not the only cryptocurrency benefiting from this positive trend; prominent players like Stellar (XLM) and BNB are also seeing some increases.
A meme coin’s remarkable ascent
The noteworthy accomplishment of Dogecoin may be ascribed to X Payments’ latest strategic manoeuvre.
The cryptocurrency world has been ablaze with discussion about the possible ramifications for other cryptocurrencies since the establishment of their dedicated payments account.
In particular, Dogecoin saw a significant double-digit price increase. This rise was followed, though, by a minor decline, with the coin’s value stabilising around $0.0785.
Not just the top meme coin is seeing this upward trend. With a 16.7% increase, Siacoin (SC) has moved to the top of the market capitalization rankings. Chiliz (CHZ) had a 12% increase as well.
Not all cryptocurrencies are doing well, though; well-known ones like BNB, Stellar (XLM), and Avalanche (AVAX) have all had slight but encouraging growth of less than 2%.
Contrasting Bitcoin’s performance
As altcoins climb, Bitcoin, the leading cryptocurrency, appears to be in a holding pattern.
Bitcoin’s price has suddenly plummeted, despite the early euphoria around the debut of many Bitcoin ETFs.
At first, the launch of these ETFs was regarded as a significant step towards the widespread financial acceptance of Bitcoin.
The market’s reaction as of late, however, points to a more intricate interaction of variables affecting Bitcoin’s value, from profit-taking tactics to money reallocation within the cryptocurrency ecosystem.
As of the time of writing, CoinGecko statistics indicates that the price of Bitcoin is $41,618.
