Several cryptocurrencies have seen a massive turnaround in fortunes over the last couple of weeks with holders expecting a silver lining at the end of the dark tunnel caused by the coronavirus. While major cryptocurrencies at the top like Bitcoin and Ethereum were still trying to get a foot in, it was the minor altcoins making bigger strides in the industry.
At the turn of the second week of July, Dogecoin, the Jackson Palmer founded cryptocurrency witnessed an unprecedented rise in value. This rise was part of an entire set of altcoins enjoying the bull ride at a time when the limelight was fully on Bitcoin.
Dogecoin was first created as a joke by Palmer which later took off because of the likeability of the ‘doge’ meme. Currently, Dogecoin ranks at number 33 on the cryptocurrency charts with a total available supply of 125.14 billion. This circulating supply makes it one of the largest circulating collections in the cryptoverse. At press time, Dogecoin was trading for $0.00276 with a total market cap of $346.512 million. A massive 18 percent increase in the past 24-hours was also the reason for the daily trade volume to spike to $201.95 million.
The Relative Strength Index for DOGE had spiked massively after the recent hike. Sticking close to the overbought zone is expected to do good for the cryptocurrency as it meant more people were buying into the Dogecoin ecosystem. The Chaikin Money Flow indicator followed a similar pattern to that of the RSI as the graph stayed well above the zero line.
While Dogecoin may be enjoying green pastures, Dash was still struggling to get back on the horse. The 24th placed cryptocurrency was trading for $69.6 at the time of writing, a value that has remained almost constant throughout the year. Dash’s market cap clocked in at $667.24 million while the daily trading volume was at $257.193 million.
Dash had recently received some good news when the cryptocurrency became a part of the trade roster in Austria along with bigwigs like Bitcoin and Ethereum. This was probably the reason why the CMF had climbed to its highest in over a month. Dash’s relative strength index also climbed to positive territory as the cryptocurrency made waves in mainstream departments.