The month of July 2023 belonged particularly to altcoins with the ruling on the Ripple-SEC lawsuit and the consolidation of Bitcoin on the other side. During the rally in the altcoin space, Bitcoin transaction volume dominance fell 8% in July, according to data from Kaiko. On the other hand, altcoins like Dogecoin (DOGE) have been in the spotlight recently.
At just 27%, Bitcoin’s 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, due in part to an increase in altcoin trading volume in South Korea. Since early 2023, BTC’s dominance in the market has fallen by 20%. In the United States, altcoins have also gained popularity over the past month, indicating that regulatory action has not affected demand much, Kaiko reports.
Altcoin liquidity, which refers to how easily these alternative cryptocurrencies can be bought or sold, has been slightly up since early July. This data comes from Kaiko’s market depth, which looks at bids and asks for an asset on all centralized exchanges, providing a comprehensive view of the asset’s liquidity.
Since early July, the 1% market depth for the top 10 altcoins by market cap has grown by about $20 million.
Dogecoin trading volume hits 16-week high
The world’s largest memecoin DOGE is once again in the spotlight. Defying broader market consolidation, Dogecoin (DOGE) price is up 8% in the past 24 hours and is currently trading at $0.076 with a market cap of $10.7 billion. With the recent price surge, Dogecoin has overthrown Cardano to become the seventh largest cryptocurrency by market capitalization.
According to on-chain data provider Santiment, Dogecoin trading volumes have reached a 16-week high. After the sudden price jump in Dogecoin today, many traders have expressed interest in it. Litecoin is also getting more attention as the August 2 halving event approaches. Also keep an eye on Ethereum.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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