As BTC bulls continue with their efforts to push Bitcoin over the $50k mark, several other altcoins with large capital are soaring higher from the sell-off on Thursday. Dogecoin has stormed the market rallying 47% ever since Coinbase announced they were to debut Dogecoin as a payment method. The Tesla CEO, Elon Musk has recently claimed he was working with Dogecoin developers in order to improve transaction systems and ensure the systems worked efficiently. This has the potential to further drive the price.
As many other altcoins are gaining double-digits, Bitcoin has continued to remain stagnant around the $50,000 mark especially with the 4.7% decline in whale interest, more so than last month. An indication of the rotation of different assets since the declining whales had approximately 1,000 BTC.
According to the statistics reported from TradingView and Cointelegraph, Ether has rallied by 18% as it peaked at $4,173 yesterday on Friday while Bitcoin has been consistently still and slow. Several major altcoins have been gaining double-digits during mixed development stages. As reported by Glassnode, wallets with 32 Ether have consistently declined in recent months, suggesting quite a few people have taken interest in being validators for the crypto’s blockchain.
Whether the crypto market is experiencing altcoin storms or not, one of the characteristics of the market is the decline in Bitcoin supremacy with many traders turning their attention on the altcoin market instead. Polygon (MATIC) is now one of the star cryptos in 2021 with an increase in price rally up to 60% in 24 hours in order to new a high record at $1.75.
iExec RLC (RLC), another project has skyrocketed up to 45% from the lower levels on Thursday. RLC, a cloud computing network surged after Coinbase announced its inclusion in the list of tokens. Bitcoin’s dominance has remained at 40.3% while the overall market cap stands at $2.307.