The present week has been very favorable for the crypto market as several altcoins like SHIB, DOGE, and Ether have hit their all-time peaks. No wonder that these altcoins are bringing the pack over to the cap mountain of the market.
DOGE Has Helped Other Altcoins Shoot Through The Roof
A major part of the craze behind this rally of DOGE has been put forward to the appearance of Elon Musk on SNL. As it is pretty well known, Musk is a long-term advocate of Dogecoin, which should help its sales. On the other hand, you have Ethereum which has kept on rallying towards a sum of $4000 due to the interest in Altcoin coupled with the approaching hard fork Londoners leading to investors sensing something major coming their way.
Data which has been taken from TradingView, as well as Cointelegraph Markets, have displayed that the price of Ether did drop below $3,418 on the 8th of May to reach an all-time high of around $3,958. On the other hand, DOGE has definitely emerged as one of the biggest attention grabbers in the history of cryptocurrency- as more and more users have started trading in this meme coin.
The entire week saw DOGE building up momentum to get through a surge of 25% on Saturday- which helped in lifting the overall value of the coin from $0.74 before induced profit brought the price down to $0.68.
Due to this attention, there have been several other cryptocurrencies in the market like SHIB that have benefitted from DOGE. The value of SHIB went through as much as 1,100% to reach a new high of $0.0000178. Currently, the market cap of the entire cryptocurrency sector is posited at a sum of $2.463 trillion of which Bitcoin has a dominance rate of around 44.8%.
