Dogecoin Hits One-Week High as Altcoins Surge in Crypto Market

Dogecoin and Other Altcoins Lead Crypto Market Surge in 2024

Dogecoin – Bitcoin may still be eyeing the long-awaited $100,000 per coin mark, facing several near-misses in recent days, but a variety of altcoins are on the rise, particularly Dogecoin. As the seventh-largest cryptocurrency by market capitalization, Dogecoin has seen significant gains, leading the charge among altcoins.

Dogecoin Hits a One-Week High

On Friday afternoon, Dogecoin (DOGE) reached $0.4126, marking its highest price in over a week. At the time of writing, DOGE is trading at $0.4114, with a daily gain of nearly 7%. This surge follows a 15% weekly increase, signaling renewed interest in the meme-inspired cryptocurrency. After its explosive rise before and after Election Day, Dogecoin had experienced a slow down in recent days but is now gaining momentum again. Last week, it hit a three-year high of around $0.43.

XRP Leads the Charge with Significant Gains

However, it’s not just Dogecoin seeing upward momentum. The XRP token, which is known for its connection to Ripple Labs, has experienced a significant price surge. XRP’s price has soared 31% in the last 24 hours, reaching $1.47, making it the best-performing asset in the top 100 cryptocurrencies by market cap. This surge follows the news that Gary Gensler, the former chair of the Securities and Exchange Commission (SEC), will step down in January. Gensler had been a vocal opponent of XRP and Ripple Labs, and his departure has sparked optimism for the future of the asset. XRP’s price is now touching a three-year high.

Stellar (XLM) and Cardano (ADA) See Price Surges

Other altcoins are also riding the wave of bullish market sentiment. Stellar (XLM) has gained 28% in the past 24 hours, pushing its price above $0.30. Similarly, Cardano (ADA) has surged 22% in price, now trading at $0.97. As the ninth-largest cryptocurrency by market cap, ADA has had its fair share of regulatory scrutiny, especially during Gensler’s tenure as SEC chair, making its recent price surge particularly notable.

Algorand (ALGO) and Avalanche (AVAX) Join the Surge

Other assets seeing significant price movements include Algorand (ALGO) and Avalanche (AVAX). Algorand has seen its price rise 18%, pushing it above $0.24, while Avalanche (AVAX) has surged 11% to top $39. These gains in double digits reflect the broader optimism across the altcoin market.

Still Far from All-Time Highs

Despite these impressive gains, it’s important to note that many of these altcoins are still significantly below their previous all-time highs, with some trading as much as 90% below their peak prices. However, the recent market activity shows that altcoins are still capable of significant movements, especially in the face of broader market uncertainty.