In the first quarter of this year, the prices of Bitcoin and Ethereum continued to soar, thumping record highs and becoming the focus of the market. Nonetheless, in the second quarter of this year, data showed that the best performing cryptocurrencies were Dogecoin( DOGE ), Ethereum Classic( ETC) and Polygon( MATIC ).
Looking back in the early stages of 2021, Bitcoin and Ethereum guided the cryptocurrency asset upturn. Countless buyers are even optimistic that Bitcoin can outstrip USD 100,000 and Ethereum touches USD 5,000. However, as world markets altered, the two main cryptocurrencies have so far fallen more than 40% from their historical high-flowns, and the bullshits who wailed “sky price predictions” have long been missing.
Cryptocurrency analysis company CoinMetrics recently published a market report summarizing the overall act of Bitcoin and altcoins in the second quarter of this year. Reporters found that even after a significant market correction on May 19, there are still countless cryptocurrencies in the second quarter of this year. The quarterly close rose, with Dogecoin( DOGE) transcending the roster with an increase of more than 390%.
In addition to Dogecoin, Ethereum Classic( ETC) and Polygon( MATIC) are also the most outstanding cryptocurrencies in the second quarter of this year. Compared with Bitcoin, the toll has fallen by practically 39%, but they have risen by 297% and respectively. 227%.
Ether is continuous and steady
The most watched cryptocurrency in the second quarter was Ether. It first undermined through from $1,971 on April 1 to a record high-pitched of $4,362 on May 11. Although the market encountered a sell-off, the closing toll of Ether in the second quarter was 2,240. US dollars, but the increase is still 13.2%.
CoinMetrics emphasized that the price of Ether “benefited from the backlash in retail interest, partly due to the rapid rise of NFTs.”
Due to the rapid increase in the number of retail investors, the number of addresses comprising at least 0.1 ether increased from 4.58 million to more than 5.2 million.
Compared with Bitcoin’s sharp-witted drop-off, the second quarter of Ethereum’s strong foothold also shows that the top-ranked altcoins are gradually gaining attention, and institutional investors have adopted diversified financing approaches instead of speculation on stores. On Bitcoin.
The rise of altcoins weakens Bitcoin’s market share
As mentioned earlier, Dogecoin played the strongest in the second quarter. Although women fell 66% from the historic high of $0.73 set in May, it still achieved a 392% increase in the second quarter.
The report shows that the number of addresses harbouring at least 1 Dogecoin increased from 3.09 million addresses on April 1 to 3.7 million addresses on June 30, and the growth trend was particularly self-evident in June.
At the same time, affected by the rise of altcoins, Bitcoin’s market share collapsed to 45% on June 30, and its predominance dropped to its lowest level since July 2018.
CoinMetrics pointed out that the major defiance faced by Bitcoin is partly due to China’s crackdown on the cryptocurrency mining manufacture, which led to a 50% drop in computing power in the second quarter to its lowest level since the end of 2019.
However, the decline in computing power is likely to be only a temporary phenomenon. This situation should be alleviated after the migration of miners is ended and transactions are resumed. Nonetheless, CoinMetrics reminds, “The whole process is not done overnight, and there is a large amount of demand in a short period of time. Mining endeavors, hence, it will take some time to build enough facilities.”
In general, CoinMetrics and other commentators agree that for the long-term development of the Bitcoin ecosystem, the “de-Chinaization” of the mining manufacture is a positive start. CoinMetrics says 😛 TAGEND
