Dogemoneta DOGE/USD it is trading up 62% at the $0.139 level over the past week, due to the overall strength of the cryptocurrency market. Altcoin and cryptocurrency-related stocks posted notable gains during the week Bitcoin Bitcoin/USD hitting $64,000 and Ethereum ETH/USD touching $3,500.
Cryptocurrency markets often experience speculative momentum, where positive movements in one cryptocurrency can spread to others. When Bitcoin, as the largest and most well-known cryptocurrency, experiences a significant increase in value, it can create excitement and optimism in the entire cryptocurrency market, including Dogecoin.
Periods when Bitcoin’s dominance in the cryptocurrency market wanes, often called “altcoin seasons,” can see significant gains in alternative cryptocurrencies like Dogecoin. Investors could diversify their holdings from Bitcoin to other cryptocurrencies, leading to increased demand and higher prices for altcoins.
See also: As Dogecoin Soars 18%, Founder Billy Markus Makes a Joke About the Crypto Community
What else?
Dogecoin saw a remarkable 600% increase in its social media presence, reflected in its “social dominance score” in one day, according to LunarCrush data. While Bitcoin surpassed $64,000, reinforcing the positive sentiment in the cryptocurrency market, Dogecoin price also reached $0.10.
Furthermore, Dogecoin has regained its position among the top ten cryptocurrencies by market capitalization, overtaking it Avalanche with a market capitalization of $16.4 billion, securing 10th place…to know more