Dogecoin caught in downdraft, hits lowest level since Janaury

Unable to replicate its resilience shown in February, Dogecoin (DOGE) has not escaped the broad-based selloff gripping crypto markets today. It has in fact set a new low since the January rise, hitting a low of 46 satoshi ($0.00027) on Cryptsy.

This price is less than a sixth of its value of 300 satoshi traded during its February peak.

Dogecoin's fortunes have not rebounded since hovering near 60 satoshi 3 weeks ago. It has shed another 25% since then, close to 12% in the last 24 hours.

Dogecoin sits in 5th in market cap amongst mineable digital currencies, 7th overall. Its total worth is now $23 million. Namecoin, valued at $15 million, is nearly within striking distance of reasserting its lead over Dogecoin. While Namecoin has also declined over recent weeks, as many Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Read this Term have, its pace of decline is slower than that of Dogecoin.

Like the declines in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Litecoin, there appear to be no fundamental issues hitting Dogecoin today.

As assessed for Litecoin, altcoins offering little or no elements of technological originality can be the most vulnerable during a selloff. The market dismisses them as redundancies to Bitcoin. Dogecoin is a clone of Litecoin with some modified technical specifications, a minuscule denomination and a loyal, passionate community. While such traits may indeed be enviable, they may not convince a defensive market to reconsider during a downturn.

It is worth noting that Dogecoin's 12% drop today represents the greatest decline among the top ten digital currencies ranked by market cap.