In the midst of difficult times for cryptocurrency, Dogecoin continues to go against the grain as it breaks several milestones.
Earlier today, BTC38, the go-to place for trading altcoins in China, added Dogecoin for trading with the Yuan. They join the ranks of CoinMKT and Vault of Satoshi as rare places where DOGE can be traded with fiat.
Dogecoin (DOGE) set for itself a new record high in market cap 8 hours ago, as it had been flirting with its all-time high near $73.6M. There were moments when the last line of resistance, established a few weeks ago, fought off its advance, but DOGE’s upward momentum was well established and moving quickly. Once it broke through this barrier, buying accelerated and it had a clear road ahead in new unchartered territory.
DOGE is now trading near its record high at 288 Satoshi, or 2.88 µBTC (0.18¢).
Next, it set its sights on Peercoin (PPC). At this point it still remained a solid $20M behind Peercoin- a difference of over 22%. Earlier we discussed its “quiet” gains vs PPC, but at that point the movement was viewed as more of an interesting advancement than a real threat. Getting close to PPC was certainly not imminent at the time.
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However, DOGE continued to advance by as much as 34%. Combined with Peercoin’s negative performance today, it surpassed PPC ever so slightly. At the time of the screenshot below, the DOGE was ahead by about $300K.
Its new seat of honour places it in 4th in market cap rank (really 3rd when considering true cryptocurrencies), placing it right behind….Litecoin. The gap between them is sizeable to say the least, but supporters will tell you not to rule anything out.
Worth noting is the fact that all this is taking place as the majority of cryptocurrencies are in the red again today. Bitcoin and its peers are suffering losses of 6-10% as widespread DDoS is halting withdrawals on many exchanges. Indeed, DOGE passing of PPC partially happened because of widespread weakness in cryptos. But DOGE, for multiple reasons, once again remains resilient as it had been over the past 6 days when the crypto world was rocked across the board. In fact, it has nearly doubled in value during this 6 day period.
(Update: Since its big move, DOGE has given back some of its gains and fallen back behind PPC. But supporters will be satisfied knowing that the wall has been broken and it can eventually revisit and surpass these new highs.)
Dogecoin traders should be cautious over the coming days and weeks, as speculation spreads as to the potential effects on DOGE’s value during the upcoming halving of reward level.