Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The price of Dogecoin made 84.7% of its surge in the last 24 hours having recorded $0.28 as its highest price point before falling back to its current price point of $0.24.
The past seven days have been an incredible trading week for several cryptocurrencies as many gained significant value to near their all-time highs and others touching their highest trading price for the first time. The price of Dogecoin (DOGE), a meme-based digital asset pulled a surprise surge of around 300% in the last seven days to hit its highest of $0.28 without any major push by social media influencers.
The most interesting aspect of its movement is the unprecedented jump to brush aside Uniswap and Litecoin to take over the 8th position on the ranking of the largest coins by market cap. The price of Dogecoin made 84.7% of its surge in the last 24 hours having recorded $0.28 as its highest price point before falling back to its current price point of $0.24.
It is worth noting that the asset did not pull this run by fluke. It has recently found a place among retail outlets pushing its market cap to $31 billion. Most retail stores find it important to accept Dogecoin as a method of payment. It was recently announced that Dogecoin would be accepted as payment for drinks, tables, and merchandise in a Miami nightclub.
According to the proponent of DOGE and owner of Dallas Mavericks, Mark Cuban, the basketball team has since accepting DOGE in March made a total merchandise sales worth 122,000 DOGE. Though its surge can also be linked to the listing of Coinbase Global Inc (NASDAQ: COIN) shares on Nasdaq causing most of the digital assets to rise on their respective price curves, it is also believed that its retail interest coupled with a general acceptance of the cryptocurrency market played the magic.
Ethereum (ETH) on the other hand made another good run to test the $2500 price zone from the $2380 price point in the last 24 hours before slipping by near 1% to trade at $2438.
Binance coin (BNB) in the last three months surged by 1161% to move from $37 to trade at $606 with 30% of the surge coming from the last seven days. In the last few days, Binance fell from that price point to trade at $539 though it remains the third-largest cryptocurrency by market cap.
Bitcoin, the biggest cryptocurrency on the planet over the week set a new all-time high of $65,000 right after Coinbase announced its public listing of the (COIN), but after some time, it slowly climbed down the price curve to break the initial support of around $62,000 to trade near key support of $61,200. Once this support gets broken too, Bitcoin price may fall into the $60,000, and once the $63,000 resistance point is broken, it may stand a chance of setting a new all-time high.
Generally, the cryptocurrency market is still in the bull-run mode and the one to watch is Dogecoin which made an incredible run to enter the top ten largest cryptocurrencies despite its large market cap.