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The broader digital currency ecosystem is recovering as the combined crypto market cap jumped by more than 2.35% to $2.04 trillion. Besides Bitcoin (BTC) and Ethereum, among the major altcoin beneficiaries of this rally are XRP, Dogecoin (DOGE) and Tron (TRX). With their rebound from weekly lows, the trio exhibits a defined correlation.
XRP, DOGE and TRX correlation
According to current market data, XRP has jumped by more than 1.5% in 24 hours to $0.5375. This has helped XRP pare off its weekly losses, which have now been trimmed down to 2.4%.
Alex DovbnyaDogecoin (DOGE) maintained its weekly boost by 4.5% to $0.105. Tron (TRX) is not left behind, maintaining its rank as the 10th largest coin by a slim margin. It is up by more than 2% to $0.1542.
The three coins are all trading below the $1 mark and have seen an intense boost in their respective trading volumes. While the XRP volume is up 4% to $801,662,213, that of Dogecoin and Tron are up 1.13% and 0.66% to $487,396,864 and $258,341,684, respectively.
Each digital currency has a unique ecosystem powering its growth, making the bullish correlation even more unique.
Ecosystem backing
While XRP plays an integral role in the Ripple and XRP Ledger ecosystems, Dogecoin has maintained a legacy as the first and dominant meme coin in the ecosystem. Both coins are top payment tokens widely accepted by different global merchants, with DOGE taking it further as Elon Musk’s favorite.
Tron has a more diverse ecosystem with a major base for Tether (USDT). In recent times, Tron has outperformed Ethereum and other rivals in key metrics as it seeks to maintain its footing on the market.
With its new meme coin pivot, Tron is on track for the top five tokens list in the long run.
Tomiwabold Olajide
Arman Shirinyan
Vladislav Sopov
Dan Burgin