As was somewhat to be expected after yesterday’s bullish momentum, Dogecoin has flipped XRP in market cap. A monumental milestone for the meem currency of the internet. Claiming another spot might prove a bit more challenging, as BNB is a very different creature compared to Ripple’s XRP.
Dogecoin Momentum is Strong
It is uncanny how strong Dogecoin is performing these past few weeks. While many people assumed the Elon Musk tweets intended to push the value higher briefly, the momentum isn’t relenting. It seems only to intensify as more time progresses. One DOGE is now worth over $0.6, a value no one expected to see for some time to come.
Contrary to expectations, the Dogecoin market momentum isn’t relenting as of yet. With a market cap of over $85 billion, this joke project has surpassed most people’s expectations by several margins. Its trading volume is also much higher than most alternative cryptocurrencies today, at over $52.3 billion. All of these statistics are incredibly impressive and show Dogecoin is to be taken seriously.
Most of the trading volume originates from Binance, Huobi Global, and VCC Exchange. All platforms pair DOGE against USDT, confirming a genuine interest in buying and selling this asset lately. Binance’s $14.3 billion in trading volume is significant, as that will always be the biggest exchange for most of the top cryptocurrencies.
In terms of fiat currency support, DOGE remains incredibly popular in Turkey, for some reason. That is surprising, as the region isn’t necessarily known for much cryptocurrency activity in terms of media headlines. Even so, the boom of crypto-assets in that country is something worth keeping an eye on, as it can indicate bigger and better things on the horizon for all major markets.
A $100 Billion Market Cap?
Judging by the recent price performance, it isn’t necessarily impossible for Dogecoin to reach a $100 billion market cap. Doing so would put it on par with Binance Coin, which only recently hit that $100 billion mark. Competition is heating up among alternative assets, which is something everyone can get behind.
It is even more impressive how Dogecoin has successfully gained a $13.7 billion market cap lead on XRP overnight. Such a strong price performance is incredible to witness, yet it remains to be seen whether there is any longevity to it. Altcoins tend to do their own thing for a while before they have their gains wiped out.
This year may prove very different for the majority of markets. Bitcoin is still stuck in semi-sideways trading momentum, allowing alternative currencies to climb the rankings. Who will come out on top – behind Bitcoin – remains to be determined. Ethereum has been doing well, but everything beyond that in market cap rankings is fair game at this time.
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