Despite the drop in the price of altcoins, Monero appreciated by almost 3% in the last week. Cryptocurrency meme Dogecoin stayed in the top 10 by market capitalization and celebrated its Dogeday.
In the last seven days, the general cryptocurrency market has turned red. Almost all altcoins lost value, in the framework of Bitcoin’s price drop, according to data from Live Coin Watch.
However, some cryptocurrencies led the weekly top 10 for their developments, mention in media and social networks, and interest from users. Dogecoin (DOGE) remains in the top 10, Monero (XMR) made progress with atomic swaps, and Cardano (ADA) is getting ready to integrate smart contracts into its network.
Ripple’s cryptocurrency (XRP) has resurfaced despite the SEC’s lawsuit against it. Binance Coin (BNB) had a quarterly growth rate in the order of 600%.
The Pioneering Cryptocurrency Experienced Two Corrections
The price of Bitcoin underwent two major corrections in the last week, trading below USD 50,000 again. The pioneering cryptocurrency lost around 16% of its value, ranging between USD 48,700 and USD 60,200.
The main reason for the drop is the collapse of the Bitcoin hash rate. Chinese miners left Xinjiang province due to power outages. That situation brought the processing power to 109 EH/s, that is, a decrease of 40%.
Several factors are affecting the trading of the main cryptocurrency on the market. These drawbacks include the high fees to validate a transaction, the delays in mining blocks, and the readjustment in mining difficulty.
Other Cryptocurrencies that the Market Crash Affected
The market crash also affected the price of Ether (ETH), leading it to fall by 4%. It went from USD 2,029 to USD 2,642 in the last seven days.
However, the value of the cryptocurrency reached a new all-time high above USD 2,544. The second cryptocurrency on the market traded at 0.04687 BTC, a level not seen since August 2018.
The fall in the price of Bitcoin also affected other relevant cryptocurrencies on the market. Cardano (ADA) fell by 19%, Polkadot (DOT) lost 31%, Ripple’s XRP depreciated by 36%, and Litecoin (LTC) went down by 26%.
Dogecoin Remains in the Top 10 by Market Cap
DOGE is one of the few altcoins that was bullish, with a 3% advance, during the week. The cryptocurrency remains stable in the top 10 by market capitalization, ranking seventh.
Interest in DOGE reached an all-time high during the so-called Dogeday celebration. This initiative emerged on social networks to promote the purchase of the cryptocurrency meme.
Dogecoin reached its weekly high of USD 0.4498 on April 19th and decreased to USD 0.1730 on April 23rd, when Bitcoin fell. Even so, DOGE maintained its growth and has continued to increase in recent days.
Monero Approached a New All-Time High
Privacy-centered cryptocurrency Monero (XMR) has been gaining prominence in recent weeks. XMR approached its 2017 all-time high of USD 470 after it reached a peak of USD 416. In the last few days, its price gained an average of 2.9%.
The reasons for the appreciation above 70% in the last month include recent updates to the network and atomic swaps with Bitcoin. Other integrations attracting investors’ attention have also contributed to this.
By Alexander Salazar
