Dogecoin (DOGE) and Maker (MKR) increase when the altcoin market capitalization exceeds USD 1t


Now that Coinbase’s (COIN) listing is out of the way, traders’ focus has shifted back to the crypto market as Bitcoin (BTC) price seeks to regain its level above $ 63,000 and Altcoins move higher.

After reaching a new all-time high near $ 65,000, BTC price fell below $ 62,000 before finding some momentum in what one fund manager described as a “great buying opportunity”.

Data from Cointelegraph Markets and TradingView show that Bitcoin has risen steadily since Wednesday’s correction and bulls are trying to flip the $ 63,500 level from resistance to support.

BTC / USDT 4 hour chart. Source: TradingView

Trading for COIN was muted on Thursday as the price fell during early trading hours and closed the day at $ 326.88.

For those curious about how Bitcoin’s current price performance compares to previous bull cycles, Jarvis Labs co-founder Ben Lilly is a good place to start to see how long it took to see BTC price has peaked after its last halving.

Bitcoin price after halving in 2012, 2016 and 2020. Source: Jarvis Labs

As can be seen in the graph above, the current cycle falls somewhere between the 2012 and 2016 halving cycles, with the price action “coming faster than 2017 but slower than 2013”.

Altcoins steal the show

While Bitcoin and COIN disappeared from the spotlight on Thursday, altcoins rose to propel the market higher. Dogecoin (DOGE) was the breakout star of the day with a 60% rally that saw the price sprint to a new all-time high at $ 0.1918.

The momentum for DOGE started when one of the most well-known proponents of the cryptocurrency and “Technoking of Tesla” Elon Musk published the following tweet for his 50.8 million followers.

Other notable altcoin accomplishments include Maker (MKR), which rose 43% that day to a record high of $ 4,102 as its ecosystem moves towards full decentralization, and Band Protocol (BAND), which climbed 38% to a new all-time high at reached $ 22.83 following the announcement of integration with Google Cloud.

Daily market performance in cryptocurrencies. Source: Coin360

The market cap for cryptocurrencies is now $ 2.26 trillion, and Bitcoin’s dominance rate is 53.7%.

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