The cryptocurrency market experienced a downward momentum as the leading cryptocurrency Bitcoin dropped to $25,700. However, while most cryptocurrencies suffered losses, Dogecoin continued to rise, recording a value loss of over 1.3% in the past 24 hours, distinguishing itself from the market.
Defying the Downtrend in the Market
The leading cryptocurrency Bitcoin (BTC) dropped to $25,700, experiencing a value loss of nearly 1% in the past 24 hours. The cryptocurrency market also started the day with a decrease due to the losses in BTC. Many high market cap altcoins, including Ethereum (ETH), accelerated their losses throughout the day.
Ethereum (ETH) dropped below $1,620 in the morning hours with its recent losses. The total market capitalization of the cryptocurrency ecosystem also retreated to $1.04 trillion according to CoinMarketCap (CMC) data.
However, despite the downtrend in the cryptocurrency market, some cryptocurrencies continued to rise. Dogecoin recorded an average increase of 1.35% in the past 24 hours according to CMC data.
Will the Rise Continue?
Many altcoins in the cryptocurrency market gained downward momentum and accelerated their losses as the leading cryptocurrency Bitcoin dropped to $25,700. However, despite the market downturn, Dogecoin continued to rise, defying the trend.
Dogecoin (DOGE) started trading at around $0.064, recording an average increase of 1.35% in the past 24 hours. With these recent value increases, Dogecoin ranked among the top 100 cryptocurrencies with the highest market capitalization, being one of the cryptocurrencies with the highest percentage gains.
However, Dogecoin has experienced high percentage losses in the past after speculative rises during periods of market downturns. Indeed, the cryptocurrency analysis platform Santiment previously noted that these rises in speculative cryptocurrencies may be due to the low volatility in the market. Shiba Inu (SHIB) and Pepe coin (PEPE), which have previously defied the market with rises, also witnessed significant percentage losses in the following months.
