ICrypto

Hotest Blockchain News in First Media Index

Dogecoin Becomes 5th Largest With 200% Daily Gains; Bitcoin Cash, Verge, NEO, Ethereum Classic in Explosive Moves

In what seems to be an almost unbelievable feat, Dogecoin (DOGE) has become the fifth-largest cryptocurrency by market capitalization, surpassing Tether (USDT), Cardano (ADA), Polkadot (DOT), among others.

As of press time, DOGE was trading at $0.36 after reaching record highs of $0.47. Gains on any timeframe remained beyond impressive, recording nearly 200% on the day, 527.95% over a 7-day basis, and year-to-date returns exceeding 5,000%.

DOGE historic rally is coming amid broad-based crypto market declines following Turkey’s crypto transaction ban. According to a Friday announcement by the Central Bank of the Republic of Turkey, A new ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.

The ban will prohibit crypto holders from using their digital assets for payments in addition to preventing payments providers from providing fiat onramps for crypto exchanges. While banks are excluded from the regulation, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.

DOGE/USD Daily Chart

The crypto market reacted negatively to the news, Bitcoin (BTC) dipped to lows of $60,048 while the majority of Altcoins are in the red. Amid the market declines, selected tokens such as Bitcoin Cash (BCH, +19.77%), Litecoin (LTC, +11.76%), THETA (+21.25%), Verge (XVG, +33.81%) Bitcoin SV (BSV +25.41%), IOTA (+13.94%), NEO (+22.64%), Ethereum Classic (ETC +63.83%), Chiliz (+13.22%), Siacoin (SC,+29.66%), Decentraland Mana (+12.75%) are seeing explosive moves.

Notable gainers in the last 24 hours apart from Dogecoin remains Ethereum Classic (ETC) which has rallied by more than 100% in the last 48 hours. ETC rose from lows of $21.41 on April 15 to intraday highs of $46 on April 16 and Verge (XVG,+33.81%).

Bitcoin Cash (BCH) Resuscitates From Downtrend Lows Amid Increasing Demand

Bitcoin Cash is a hard fork from the Bitcoin blockchain, created in August 2017. Compared to Bitcoin, proponents claim BCH fees are quite lower while transactions also tend to take less time to clear and require fewer resources. On Mar. 24, Bitcoin Cash (BCH) fell to lows of $442 after Tesla’s CEO, Elon Musk rejected using it for payments.

Bitcoin Cash rose from the doldrums following Latvian airline airBaltic and Paypal adoption. In late March, Latvian airline airBaltic announced that passengers can now pay for flight tickets using Bitcoin Cash (BCH) and other selected cryptos. Online payments giant PayPal also revealed that it might start to accept cryptocurrency (Bitcoin Cash inclusive) as a medium of exchange at its millions of global merchants. As of press time, Bitcoin Cash traded at intraday highs of $1,104 after four days of impressive bull run.

Image Credit: Shutterstock

Share
 16.04.2021

Hotest Cryptocurrency News

End of content

No more pages to load

Next page