• Latest
Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2

Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2

July 15, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2

coinnewsdaily by coinnewsdaily
July 15, 2021
in Alt Coin, Ethereum
0
Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Traders predicted that Bitcoin would reach $100,000 and Ethereum would reach $5,000 by the beginning of 2021, as both assets’ prices appeared to reach new all-time highs on a daily basis.
Both assets are still down more than 40% from their all-time highs, and the bulls who predicted unbelievable price targets have vanished.

CoinMetrics discovered that despite the sharp market correction on May 19, many assets ended the quarter in positive territory, with Dogecoin (DOGE) leading the way with a 392 percent gain.

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
Altcoin
Q2 2021 returns for the top 25 crypto assets. Source: CoinMetrics

Ethereum Classic (ETC) and Polygon (MATIC) were the other two breakaway stars of Q2, with each gaining 297% and 227% respectively despite a nearly 39% decline in the price of Bitcoin.

Ethereum network shows strength

The breakout in the Ether price from $1,971 on April 1 to a new record high of $4,362 on May 11 was a significant event in the second quarter, before market-wide selling resulted in a quarterly close of $2,240, representing a 13.2 percent increase in value.

According to CoinMetrics, the price of Ether has also benefited from a “resurgence in retail interest, fueled in part by the explosive growth of non-financial tokens.”

Altcoins
Number of Ethereum addresses holding at least 0.1 Ether. Source: CoinMetrics

Due to the retail boom, the number of addresses containing at least 0.1 Ether increased by more than 50%, from 4.58 million to more than 5.20 million.

Comparing Ether’s positive performance to Bitcoin’s precipitous decline also demonstrates institutional investors’ increased interest in the top-ranked altcoin as a means of diversifying their portfolios away from Bitcoin.

Altcoin gains triggered a decline in Bitcoin Dominance

As I previously stated, DOGE had by far the best quarter, finishing up 392 percent despite a 66 percent decline from its all-time high of $0.74 on May 8 of this year.

author
Number of Dogecoin addresses holding at least 1 DOGE. Source: CoinMetrics

Following the report’s publication, it was discovered that the number of addresses with at least one DOGE increased from 3.09 million on April 1 to 3.7 million on June 30 as a result of its publication.
CoinMarketCap reports that the number of DOGE addresses continued to grow in June, while the number of new Ether addresses has remained relatively stable since the end of May.

Bitcoin’s market share fell to 45 percent on June 30 as a result of altcoin gains, the lowest level since July 2018.

Bitcoin
Bitcoin dominance. Source: CoinMetrics

The Chinese government’s crackdown on cryptocurrency mining, which resulted in a 50% decline in hash rate in Q2 and the lowest level since late 2019, according to CoinMetrics, was one of the factors contributing to Bitcoin’s recent significant headwinds.

According to CoinMetrics, this is most likely a temporary dip, and the hash rate “should eventually recover once miners restart in their new locations.”

While the company acknowledged that this “will not happen overnight,” it cautioned that “it will take time to build and establish sufficient facilities to accommodate the sudden influx of new demand.”

CoinMetrics and other analysts believe that the development will have a long-term positive effect on the Bitcoin ecosystem and will continue to do so in the future.

CoinMetrics said:

“Over the long-term this mass migration should be largely beneficial as it will help Bitcoin hash rate get further distributed around the world, and remove the previous concentration in China. It could also help improve Bitcoin’s environmental impact since miners in some regions of China relied on coal.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CoinNewsDaily. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags: AltcoinAltcoinsBitcoinDogeDogecoinETHEtherEthereumminingNFTs
Share76Tweet48
Previous Post

Ethereum price dragged down below $2K as US inflation hits highest level since 1991

Next Post

Stablecoins, says Fed Chair, require stricter regulation, and he speaks on CBDC

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
Stablecoins, says Fed Chair, require stricter regulation, and he speaks on CBDC

Stablecoins, says Fed Chair, require stricter regulation, and he speaks on CBDC

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,006.00-4.84%
  • ethereumEthereum(ETH)$1,101.09-10.25%
  • tetherTether(USDT)$1.000.43%
  • binancecoinBNB(BNB)$217.30-9.32%
  • rippleXRP(XRP)$0.325771-7.07%
  • cardanoCardano(ADA)$0.464560-6.01%
  • SolanaSolana(SOL)$33.95-13.98%
  • dogecoinDogecoin(DOGE)$0.066271-7.84%
  • polkadotPolkadot(DOT)$7.09-10.74%
  • daiDai(DAI)$1.000.26%
  • tronTRON(TRX)$0.064976-4.11%
  • Shiba InuShiba Inu(SHIB)$0.000010-11.90%
  • leo-tokenLEO Token(LEO)$6.013.94%
  • matic-networkPolygon(MATIC)$0.53-5.78%
  • litecoinLitecoin(LTC)$51.99-8.07%
  • FTXFTX(FTT)$24.88-9.03%
  • OKBOKB(OKB)$11.73-5.80%
  • CronosCronos(CRO)$0.115902-8.50%
  • chainlinkChainlink(LINK)$6.28-10.74%
  • stellarStellar(XLM)$0.109877-8.69%
  • moneroMonero(XMR)$120.92-1.37%
  • cosmosCosmos Hub(ATOM)$7.13-10.27%
  • algorandAlgorand(ALGO)$0.301449-9.50%
  • ethereum-classicEthereum Classic(ETC)$15.08-9.37%
  • bitcoin-cashBitcoin Cash(BCH)$105.47-5.86%
  • vechainVeChain(VET)$0.022660-9.78%
  • tezosTezos(XTZ)$1.48-10.55%
  • Internet ComputerInternet Computer(ICP)$5.37-9.47%
  • theta-tokenTheta Network(THETA)$1.22-10.19%
  • filecoinFilecoin(FIL)$5.42-7.42%
  • ElrondElrond(EGLD)$50.54-11.12%
  • bitcoin-cash-svBitcoin SV(BSV)$56.25-6.66%
  • eosEOS(EOS)$0.93-7.22%
  • paxos-standardPax Dollar(USDP)$1.000.17%
  • makerMaker(MKR)$941.54-7.97%
  • AaveAave(AAVE)$59.98-12.04%
  • huobi-tokenHuobi(HT)$5.02-5.19%
  • zcashZcash(ZEC)$59.37-5.35%
  • iotaIOTA(MIOTA)$0.269230-8.30%
  • neoNEO(NEO)$8.60-10.28%
  • havvenSynthetix Network(SNX)$2.570.37%
  • zilliqaZilliqa(ZIL)$0.039032-12.03%
  • basic-attention-tokenBasic Attention(BAT)$0.376264-5.28%
  • wavesWaves(WAVES)$5.24-10.32%
  • dashDash(DASH)$44.70-9.22%
  • PancakeSwapPancakeSwap(CAKE)$3.04-10.37%
  • KusamaKusama(KSM)$48.45-10.55%
  • nemNEM(XEM)$0.039145-8.55%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$47.47-7.22%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.83-7.08%
  • bitcoin-goldBitcoin Gold(BTG)$16.04-6.68%
  • omisegoOMG Network(OMG)$1.83-9.44%
  • golemGolem(GLM)$0.230713-9.49%
  • SushiSushi(SUSHI)$1.06-9.85%
  • ontologyOntology(ONT)$0.229883-9.03%
  • yearn-financeyearn.finance(YFI)$5,674.84-7.44%
  • umaUMA(UMA)$2.54-7.84%
  • digibyteDigiByte(DGB)$0.009168-9.73%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....