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Dogecoin Is Now Leading Altcoin Market Rally With 12% in Last 24 Hours

Thu, 01/13/2022 - 11:47
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Arman Shirinyan
The classic crypto market's still got it with a 12% price increase in the last 24 hours
Dogecoin Is Now Leading Altcoin Market Rally With 12% in Last 24 Hours
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The altcoin rally on the cryptocurrency market continues with the majority of tokens and coins recovering from the New Year's Eve correction that aggravated the correction on the market.

Dogecoin leading the rally

According to CoinMarketCap's data, Dogecoin is leading the altcoin recovery rally for coins and tokens with capitalization exceeding $10 billion. Second place is being held by the Shiba Inu memetoken with 12% 24-hour growth while Dogecoin holds first place with a 13% price increase.

The sudden appearance of buying power on both dog-related cryptocurrencies was a pleasant surprise for investors from both communities as no fundamental changes in the sentiment or news background of those assets have been noticed.

CoinMarketCap Data
Source: CoinMarketCap

According to the volume indicators on both TradingView and CoinMarketCap, the number of Dogecoin traders has not changed significantly, which indicates that the price increase is backed by a change in investor sentiment.

Altcoins rebounding from a strong dive

According to crypto market capitalization excluding Bitcoin, the market has gained back almost $100 billion in the last three days. The data correlates with the average price action on altcoins like Doge, Shiba and Matic.

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The crypto market has also faced elevated exchange inflows from altcoins like Ethereum, but besides that, no bearish signals have been noticed on both on-chain and market indicators.

At press time, Dogecoin is trading at $0.17, showing its first short-term rally time since the end of December. The last time meme-coin investors experienced strong market performance from the coin was Dec. 14, when Tesla announced the acceptance of Dogecoin as a payment tool for its products.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.