Dogecoin and XRP Beat Bitcoin in Daily Trading Volumes on Upbit, Bithumb

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market trends and fluctuations. However, the recent surge in trading volumes for altcoins like Dogecoin (DOGE) and XRP on South Korea’s leading crypto exchanges is truly unprecedented.

As an analyst, I’ve observed a significant spike in trading activities for altcoins such as Dogecoin (DOGE) and Ripple (XRP) on South Korea’s leading crypto exchanges, Upbit and Bithumb. Interestingly, the trading volumes for these altcoins have surpassed that of Bitcoin, a market giant, with DOGE and XRP recording trading volumes of $14.07B and $6.52B respectively in the last 24 hours. This trend is quite intriguing given that the volatility for both coins remains relatively low at 1.1% and 1.9% respectively, and their market caps stand at a substantial $56.93B for DOGE and $64.07B for XRP. Bitcoin, on the other hand, has a market cap of $1.84T and a 24-hour trading volume of $87.47B. This shift in focus from Bitcoin to these altcoins is certainly worth monitoring for potential investment opportunities.

Over the past fortnight, an intense buying spree is taking place for both Dogecoin (DOGE) and Ripple (XRP), with each experiencing a remarkable increase of around 100% in value. Notably, the market capitalization of DOGE has almost quadrupled since early November, while that of XRP has nearly doubled during this period.

According to information from CoinGecko, it’s been found that around 30% of the total trading volume on South Korea’s leading exchange, Upbit, is attributed to XRP and DOGE. Additionally, these two cryptocurrencies account for almost 20% of the trading volume on Bithumb as well.

Typically, Bitcoin holds the top spot in trading volume across these platforms; but lately, an intense interest in these two digital assets has flipped the norm. Some portion of this surge might stem from wash trading, a practice where bots continuously swap a coin to simulate bustling market action.

Over the past 24 hours, cryptocurrency exchange Upbit has topped in USD value for XRP trades among all global exchanges, outpacing competitors like Coinbase and Binance. On the other hand, when it comes to Dogecoin trading volumes, Binance and Coinbase have been at the forefront.

Dogecoin (DOGE) Enters Parabolic Bull Run

Since Donald Trump’s win in the U.S. Presidential Elections in early November, the value of Dogecoin (DOGE) has experienced an impressive surge. On its monthly chart, the DOGE price has skyrocketed by a remarkable 168% and is now approaching $0.40.

According to well-known cryptocurrency expert Ali Martinez, Dogecoin appears poised for an extraordinary surge in price, or a “parabolic bull run.” Furthermore, the number of large Dogecoin holders (whales) amassing coins has increased substantially this month, as has retail activity.

According to crypto expert Ali Martinez, there seems to be a recurring trend in Dogecoin’s (DOGE) price movement, which appears to follow a parallel channel. This pattern hints at possible future price levels of approximately $2.40 and $18.

Courtesy: Ali Charts

What’s Next for XRP Price After 66% Rally?

Over the course of a week, the value of XRP has surged an impressive 66%. This uptrend in XRP’s price started last week, driven primarily by shifts in the US regulatory environment. These changes have provided a boost to tokens linked with companies that were previously impacted by the Securities and Exchange Commission (SEC).

Commenting on the further XRP price action, Omkar Godbole of Coindesk said:

Currently, XRP is maintaining its position above dollar 1, following an impressive surge – the most potent in the last three years. Although daily graphs suggest a potential dip, this could pave the way for yet another uptrend.

As I observed, I noted potential resistance levels at approximately $1.26 and $1.40, mirroring the supply zone dating back to September 2021. These areas might pose challenges in further price advancement.

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2024-11-20 14:45