The world of cryptocurrencies and blockchain technologies has seen a huge improvement since its advent almost a decade ago. As the years past, the projects have improved in adoption rates, price of the tokens/coins, and generally the skills in the field are better today than in 2009 when Bitcoin was launched. We look at one coin that has performed extremely well in the past 3 months, Dogecoin (DOGE).
The ‘miracles of Dogecoin (DOGE) in Q3 2018
Dogecoin has seen a rather successful Q3 2018, especially with the Dogethereum bridge and Doge4Amazon campaigns, and other areas of the coin saw positive gains with the price of DOGE the shining star of the good on DOGE community. The months of July, August and September are usually slow in responding to price movements leading to consistent bear trends in the crypto market. This year, the prices of most tokens and coins across the market tanked in Q3 as the market followed through a “summer slumber”.
As seen on the chart above, the total market capitalization of the market has slightly dipped by 15% from the start of the quarter representing a whopping $39 Billion USD drop. The drop is however amplified once we look at the peak market capitalization ($303 Billion) to a current $218 Billion USD, an $85 Billion USD drop (28%).
How altcoins performed in quarter 3 2018
Bitcoin is currently a dominant force in the crypto industry with over 51% dominance in the market currently. Over the course of the quarter, the pioneer cryptocurrency has kept its dominance level at over half dominance effect with the highest dominance during the quarter hitting slightly above 57%. This makes the comparison of the whole market, shown on the chart above, a bit biased towards Bitcoin’s price performance.
For this case we excluded Bitcoin to get a clearer picture of the market performance in Q3 without dominance of Satoshi’s project.
Looking at the chart excl. Bitcoin, the altcoin market has lost over $42 Billion USD since the start of the quarter representing 28% drop in the total market capitalization. Since the market cap (excl. Bitcoin) topped the $169.5 Billion USD mark on 18th July this year, the value has dropped by 37% to today’s value.
The analysis above shows the effect Bitcoin has in keeping the market alive. Bitcoin (BTC) price’s slightly rose during this period by a slight 1.5% during the quarter.
Dogecoin (DOGE) soars by 135% in Q3
The joke coin is no joke no more.
Since the start of the quarter, DOGE has seen its price rise at a faster rate than any of the top 100 coins, well until recently when a mysterious Eternal Token (XET) rose to the top 50 coins in a fortnight. The coin has seen its price rise by over 135% in the last 3 months as the market struggled.
The coin soared to the $0.006863 USD mark in less than 2 months representing a 174% increase in price to peak its price. The coin currently stands at $0.005889, representing a slight 0.01% drop in the past 24 hours, but an impressive 135% increase in Q3 as well as a ranking upgrade at number 20 with a total market capitalization of $685,352,338 USD.