The self-declared decentralized digital asset, Dogecoin (DOGE) is leading the cryptocurrency market recovery as the entire market continues to nurse losses following the overpowering drop on Wednesday. Dogecoin is a project that allows users to transfer funds through the internet.
General market update
The majority of the altcoins in the market embarked on a journey of breaking vital support areas. The declines were in correlation with Bitcoin value which was in shambles after breaking the base level at $6,000. Major altcoin s like Ripple’s XRP dived reversing the gains that had been made in last couple of weeks. Bitcoin price, on the other hand, achieved a new annual low with the price touching $5,357.
Although Bitcoin (BTC) has revamped the trend slightly to trade above $5,500, the selling pressure in the market is still limiting the recoil. Ethereum price has corrected from the support at $170 and is trading at $180. Ripple’s XRP price is in the red on the day in spite of the recovery to $0.48. Bitcoin Cash price is the only asset in the green with a 1.38% rise in the wake of the hard fork that has seen the birth of two new tokens; Bitcoin ABC and Bitcoin SV.
Dogecoin (DOGE) Leads Altcoin Recovery
At the time of writing, Dogecoin is shaking the ground in the market recording considerable gains while cryptos are still languishing in acute selling pressure. We can see a positive correction of 7.59%. Besides, the resumed bullish trend is still ongoing and could reach 10% as the day’s trading progresses. The price currently hammering at the trendline resistance ($0.0030) on the 2-hour range. This is after a nice recovery from the support at $0.0025. DOGE/USD is dancing with $0.0002863.
Bitcoin Cash (BCH) Hard Fork
The cryptocurrency space has blamed the concluded Bitcoin Cash hard for the return of high volatility levels after an extended period of stability. However, the effects of the fork have already run their course and it’s time to focus on what to expect in the coming weeks. Will see a positive retracement, a bullish break or consolidation?
As mentioned before Dogecoin is leading the recovery in the market. The speculation in the market have done little to improve the number of payment transactions because the data on CoinMetrics shows that Dogecoin currently doubles Bitcoin Cash payment transactions. Both of these assets have established themselves as mediums of payments. Even though Dogecoin is considerably a small cryptocurrency in comparison to Bitcoin Cash, it has in the recent months towered the market for its steadily growing payment transactions.
“Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency,” Dogecoin website.
In other news, a lending platform referred to as Salt has recently announced its support for DOGE. Users on the platform will be able to provide DOGE tokens as collateral in return for loan services. The news was shared both on the network’s medium and the Twitter account. The loans on Salt are processed in USD. The company is focusing on leveraging the support Dogecoin gets from its community, besides it has high liquidity and is traded widely. SALT is among the companies working to ensure that users make use of the funds they have in digital assets without being forced to dispose them.