Bitcoin has long been the market leader and the dominant force in the crypto space by any metric. The king coin has been one of the primary beneficiaries of the current bull market cycle, hitting fresh highs above $63K amid a flurry of institutional buying.
However, other crypto assets have also logged significant gains in the recent past as more investors embrace the emerging digital class. People from all walks of life are showing interest in the crypto market and are becoming increasingly knowledgeable about picking out cryptos that serve their needs.
Ranking on CoinMarketCap
Ethereum has been one of the fastest-growing crypto and blockchain projects during the second half of 2020 and 2021. The project’s native ETH token soared to a new all-time high of $3,339 Monday, sparking debates among analysts on whether it could supplant BTC as the leading cryptocurrency.
Although ETH itself hasn’t made any jump up the crypto rankings because of bitcoin’s dominance, many other top coins have booked new ranks in this current bull market.
CoinMarketCap (CMC) has taken a different shape as numerous cryptocurrencies in the top 20 have moved up or down on the crypto data authority’s rankings.
For instance, Filecoin (FIL) dropped one spot to 18th on Tuesday, with Theta jumping up to occupy its former position. Other coins that shifted positions on CMC over the past few days include Litecoin, Chainlink and XRP.
Here is a look at top coins that have made the biggest moves on CoinMarketCap this week and the reasons behind the jumps for those coins.
DOGE Rallies To New Lifetime High
Dogecoin (DOGE) tapped a fresh lifetime high of $0.577 on Tuesday as it claimed fourth place on CMC, up two spots from where it stood on May 2. The coin is now up over 11,000% year-to-date and currently boasts a market cap of $86.1 billion.
The latest leg higher for DOGE is inspiring, given that the crypto started as a meme. The joke crypto has now gone on to surpass XRP and Tether.
The Shiba Inu dog-branded coin is proving the haters wrong as its market cap has now exceeded Twitter. Moreover, data tracking platform BitInfoCharts shows that millionaire investors in DOGE have doubled within the last two weeks.
The explosive growth for DOGE came on the back of bullish news that brokerage platform eToro and Gemini exchange would add support for the coin. The two new listings promise to open up the meme-based cryptocurrency to millions of users globally and could add fuel to its upward trajectory in the coming weeks.
Bitcoin Cash Tumbles To 12th Spot on CMC
Bitcoin Cash (BCH) has dropped from the tenth spot on CMC to occupy 12th place currently. The move came after BCH shed some of the gains it had accumulated in recent days.
The decline didn’t surprise most analysts, as BCH prices often closely correlate with BTC. In yesterday’s sessions, BTC prices dropped as more investors rotated from the king coin to Ether, which had rallied to a new lifetime high.
Bitcoin Cash, which has a market cap of over $20 billion, mirrored bitcoin’s decline in the overnight session, causing it to drop out of the top 10 cryptocurrencies list on CMC.
Cryptocurrencies are finally taking root in the financial industry, as evidenced by the fact that most traders went on to buy the dip during the recent market pullback. Many investors accumulated coins despite panic selling amid fears that the market would follow a similar trajectory to 2018.
As existing crypto and blockchain projects continue to battle for dominance, new developers entering the space can ensure that their innovations remain competitive by focusing on futuristic innovations and use cases.
To ensure their projects are ever-growing and relevant, dev teams must also focus on energy efficiency, low fees and high scalability. Lastly, compliance with financial watchdogs while maintaining the decentralized status of their project is an important aspect to keep in mind.