Crypto

Dogecoin Rising After Beating Coinbase in Capitalization: Crypto Market Review, December 20

Arman Shirinyan

Markets have calmed down as the majority of assets are back in the growth zone

Market stagnation continues as assets back and forth while trying to gain some of the almost non-existent capital inflows into the market. However, the majority of cryptocurrencies on the market are in the green zone after losing significant resistance levels a few days ago.

Dogecoin beats Coinbase

If the two entities have different objectives and natures in the market, most Dogecoin users were amused after seeing a token even with no intrinsic value or any kind of fundamentals beating one of the biggest companies in the entire industry.

According to CoinMarketCap, the market cap of Dogecoin currently sits at $9.8 billion, while Coinbase trades at $7.8 billion. Such a sharp decline was caused by the poor performance of the company’s stock, which has lost more than half of its value since September, following the depressing state of the cryptocurrency market and record outflows. Of the industry.

As for Dogecoin, despite the poor performance we are seeing in December, it is still trading above the September and October price averages. However, the situation between the two entities can change drastically in the blink of an eye as COIN stocks and DOGE coins are extremely volatile.

Ethereum is back above $1,200

The most recent drop below the price level mentioned in the headline was a success that most Ethereum investors did not expect, as the price threshold provided a solid foundation for the second largest crypto- currency in recent weeks.

Ethereum Chart
Source: TradingView

Unfortunately, the sudden drop in network activity and corresponding drop in burn rate on the network led to the correction accelerating on the network. The value of the asset has decreased significantly over the week and has just returned above the average price level.

According to the burn rate, network activity is slowly recovering as transaction fees create more fuel for Ethereum’s burn machine and cause an accelerated decline in supply. However, on-chain data from Ultrasound.money suggests that the issuance lag is still too low to make Ether deflationary again, which is why we are seeing continuously growing rather than shrinking supply.

Recovery of Litecoin

Over the past two weeks, the value of LTC has fallen more than 20% as investors slowly weary of the anemic performance of “digital cash” around the local top and began to actively sell their holdings.

The pre-halving pump that usually starts months before the event is usually an extended trend, but in Litecoin’s case it didn’t work out the way it should have, which brings us to an unpleasant conclusion: most of the SLD the rally was not based on the halving but on speculative demand.

While the rest of the cryptocurrency market faced huge losses after the FTX implosion, Litecoin rallied as if nothing was happening in the background, which is why a large number of Investors turned their attention to LTC and gave it a boost that produced a 64% return in less than a month.

#Dogecoin #Rising #Beating #Coinbase #Capitalization #Crypto #Market #Review #December #Crypto

Related Articles

Back to top button