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

Bhushan Akolkar
July 25, 2023 Updated June 13, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin And Dogecoin

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.

Courtesy: Kaiko

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.

Courtesy: Kaiko

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.

Courtesy: Santiment
Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.