Dogecoin (DOGE), the meme-based altcoin which has become a favorite talking point of Elon Musk, has doubled in 24 hours to hit all-time highs of $0.29.

Chart

DOGE/USD 1-hour candle chart (Bittrex). Source: Tradingview

DOGE leaves others in the dust

Cointelegraph Markets Pro and TradingView showed DOGE/USD outperforming other major cryptocurrencies by an order of magnitude on April 16.

In what appears an almost unbelievable move, Dogecoin has also become the eighth-largest cryptocurrency by market cap, surpassing Litecoin (LTC), Chainlink (LINK) and Uniswap (UNI) among others.

At the time of writing, a single DOGE traded at around $0.25. Gains on any timeframe remained beyond impressive — 80% on the day, 300% over the past week and year-to-date returns in excess of 5,000%. 

Versus the same date one year ago, shortly after the pit of the brief 2020 bear market, Dogecoin is up 12,600%.

Reacting, it appeared that even professional traders had been caught by surprise.

"This is the first DOGE pump I have missed in years, but I still absolutely love to see it. Favorite asset of all time changed my life in 2017. Happy for you guys who are in it, innit?" Scott Melker tweeted.

Turkey passes crypto transaction ban

As with altcoins more broadly, meanwhile, Doge's historic reversal of fortune came at the expense of Bitcoin (BTC) on the day, with the largest cryptocurrency seeing a forecast retest of previous all-time highs around $61,000.

Several tests of $61,000 support left the door open for further dips on Friday, bringing daily losses to around 2.8%.

Bitcoin's market cap dominance stood at 52.1%, also down noticeably in recent weeks as altcoins see their time in which some analysts believe will only reach a peak later this summer.

Chart

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

A ban on transactions by Turkey's central bank was tipped to have fuelled the loss of upside momentum, this being done due to possible "irrepairable" side-effects to the country's established fiat payment network.

"It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments," Reuters quoted a statement as saying.

Also showing signs of a cooldown was Ether (ETH), which returned closer to $2,400 after seeing its own all-time highs above $2,500 the day before.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

SafeMoon price has additional room to rise after the four-day blistering rally

After a crash witnessed towards the end of last month, SAFEMOON buyers have returned in the first week of May, showcasing a stellar performance. SAFEMOON price looks to the moon after a series of encouraging tweets. 

More SafeMoon News

Ethereum Classic Price Analysis: ETC bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP