Dogecoin (DOGE), the meme-based altcoin that has become a popular talking point among Elon Musk, has doubled in 24 hours, hitting an all-time high of $ 0.29.
DOGE leaves others in the dust
Cointelegraph Markets Pro and TradingView showed that DOGE / USD outperformed other major cryptocurrencies by an order of magnitude on April 16.
In an almost unbelievable step, Dogecoin has also developed into the eighth largest cryptocurrency by market capitalization and outperforms Litecoin (LTC), Chainlink (LINK) and Uniswap (UNI), among others.
At the time of writing, a single DOGE was trading at around $ 0.25. The gains in each timeframe remained impressive – 80% on the day, 300% in the past week, and year-to-date returns over 5,000%.
From the same date a year ago, just after the 2020 short bear market pit, Dogecoin is up 12,600%.
In response, it seemed that even professional traders were surprised.
“This is the first DOGE pump I’ve missed in years, but I still love seeing it. All-time favorite changed my life in 2017. Scott Melker tweeted.
Turkey adopts the ban on crypto transactions
As with altcoins in the broader sense, the historical reversal of Doge’s fortune that day was at the expense of Bitcoin (BTC). For the largest cryptocurrency, a new prognostic test of previous all-time highs of around USD 61,000 was recorded.
Multiple tests with a $ 61,000 support left the door open for further slumps on Friday, bringing daily losses to around 2.8%.
Bitcoin’s market cap dominance was at 52.1% and has also declined noticeably in recent weeks as altcoins see their time, which some analysts believe will not peak until later this summer.
A ban on transactions by the Turkish central bank is said to have fueled the loss of upward momentum, due to possible “irreparable” side effects of the country’s established fiat payment network.
“It is believed that their use in payments may cause non-recoverable losses to the parties to the transactions due to the factors listed above, and they contain elements that may undermine confidence in the methods and instruments currently used in payments,” Reuters quoted a Statement as a saying.
Ether (ETH) also showed signs of a slowdown, returning closer to $ 2,400 after seeing its own all-time highs above $ 2,500 the day before.