Bitcoin Transaction Volume Tanks While Dogecoin’s Hits 16-Week High

The month of July 2023 has particularly belonged to altcoins with the ruling over the Ripple-SEC lawsuit and Bitcoin consolidating on the other hand. Amid the rally in the altcoin space, Bitcoin’s transaction volume dominance tanked by 8% in July, as per data from Kaiko. On the other hand, altcoins like Dogecoin (DOGE) have been recently in the limelight.
At just 27%, Bitcoin dominance across all of the top 25 centralized exchanges is currently at its lowest level since April 2023.
Offshore exchanges have experienced a significant decrease in Bitcoin (BTC) trading activity, partly because of a surge in altcoin trading volume in South Korea. Since the beginning of 2023, the dominance of BTC in the market has dropped by 20%. In the United States, altcoins have also gained popularity in the past month, indicating that the regulatory crackdown hasn’t affected demand much, reports Kaiko.
Altcoin liquidity, which refers to how easily these alternative cryptocurrencies can be bought or sold, has seen a small increase since the start of July. This data comes from Kaiko’s market depth, which looks at bids and asks for an asset across all centralized exchanges, giving a comprehensive view of the asset’s liquidity.
Since the beginning of July, the 1% market depth for the top 10 altcoins by market cap has grown by around $20 million.
Dogecoin Trading Volume Shoots 16-Week High
The world’s largest memecoin DOGE has been once again in the limelight. Defying the broader market consolidation, the Dogecoin (DOGE) price is up by 8% in the last 24 hours and is currently trading at $0.076 with a market cap of $10.7 billion. With the recent price surge, Dogecoin has toppled Cardano to become the seventh-largest cryptocurrency by market cap.
As per on-chain data provider Santiment, the Dogecoin trading volumes have touched a 16-week high. After the sudden price jump in Dogecoin today, many traders have shown interest in it. Litecoin is also seeing increased attention as its August 2nd halving event approaches. Keep an eye on Ethereum too.
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Dogecoin Price Outlook as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip