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July has been a month where the dominance and trading volume of Bitcoin (BTC) in the market have decreased, and investors have shown signs of turning towards altcoins. Data shows that investors are particularly turning to the largest memecoin, Dogecoin (DOGE).
As Bitcoin Loses Ground, Altcoins Rise
Altcoins, in general, have attracted attention in the cryptocurrency market with various developments affecting their dominance and trading volumes since the beginning of the month. According to Kaiko’s data, Bitcoin’s dominance in the market has decreased by 8% since the beginning of the month and reached its lowest level since April. The decrease in Bitcoin’s dominance in the market has led to an increase in altcoins’ trading volume and liquidity.
Bitcoin’s dominance on centralized cryptocurrency exchanges dropped to only 27%, indicating a significant shift in favor of altcoins. Offshore cryptocurrency exchanges also experienced a notable decrease in BTC trading activity, partly due to the increase in altcoin trading volume in South Korea. The demand for altcoins has also increased in the United States, despite regulatory pressures, as evidenced by the increase in their liquidity.
The altcoin liquidity indicator, which measures how easily altcoins can be bought and sold, has shown a slight increase since the beginning of July. Market depth data for the top 10 altcoins by market capitalization shows that their liquidity has increased by approximately $20 million since the beginning of the month.
Investors Continue to Turn to Dogecoin (DOGE)
The largest memecoin, Dogecoin (DOGE), has become particularly popular by challenging consolidation in the market. In the past 24 hours, the price of DOGE reached $0.076 with an 8% increase, and its market capitalization reached $10.7 billion. With this increase in value, Dogecoin surpassed Cardano (ADA) and became the seventh-largest cryptocurrency by market capitalization. The recent high trading volume of Dogecoin indicates a significant increase in investor interest.
Litecoin (LTC) is seeing an increase in investor interest as the block reward halving event on August 2 approaches. The block reward halving is expected to potentially increase the price of LTC due to its impact on the new supply formation. The largest altcoin, Ethereum (ETH), continues to be closely monitored by investors.
Overall, July has been a period in the cryptocurrency market where Bitcoin’s dominance has decreased, and there has been an increased interest in altcoins due to the increase in their trading volume and liquidity. The recent price increase and increased trading volumes of DOGE indicate a growing interest in memecoins, while other altcoins such as LTC and ETH have also caught the attention of traders and investors.
