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• Dogecoin emerged as the top performer for the quarter with a return of 392%, followed by Ethereum Classic and Matic with gains of 297% and 227% respectively.
• Despite the most recent price correction Ethereum the second largest cryptocurrency has managed to be in the greens with 13.2% gain.
• Bitcoin Dominance fell down to 45% on June 30.
For Q1 of 2021, Bitcoin and Ethereum were the top performers. However, as per the data for Q2, Dogecoin, Ethereum Classic and Matic are the top cryptocurrency tokens. Prior to the Bitcoin and Ethereum crash in April and May, traders in the first quarter of the year anticipated that BTC would touch $100000 and ETH would cross the $5000 mark. But that hasn’t been the case for both the tokens. BTC is down by more than 40% since its all time high of $63000 in April. And, Ethereum is down by 50% since it’s all time high of $4100 in May. In addition bull calls for unbelievable targets are still scarce.
Bitcoin Lost 39% of its Value in Q2 of 2021
,According to the most recent CoinMetrics report for Q2 2021, Dogecoin emerged as the top performer for the quarter with a return of 392%, followed by Ethereum Classic and Matic with gains of 297% and 227% respectively. Apart from the top three performers, tokens like Cardano, Ripple, Solana, Ethereum ended up in the green territory despite the price correction that took place in mid May. Whereas, the most dominated cryptocurrency, Bitcoin was found to be in the red with 39% depreciation in its value. Cryptocurrencies like Aave, Chainlink, Litecoin, Bitcoin Cash and Binance Coin also suffered considerable loss in the Q2 of 2021.
NFTs Rising Popularity may be the Reason for ETH’s Price Surge
However, despite the most recent price correction Ethereum the second largest cryptocurrency has managed to be in the greens with 13.2% gain. On April 1, ETH started off steady with $1,971 after which it reached its all time high of $4,362 on May 11. Due to the market sell-off ETH was unable to hold its price after which it went down and closed at $2,240. A reason for the spike in Ethereum’s prices may be largely attributed towards the rising popularity of Non-fungible tokens (NFTs). Consequently, the number of addresses holding more than 0.1 ETH rose from 4.58 million to more than 5.20 million. Moreover, investors may be paying a little more attention towards ETH.
Despite Dogecoin’s 66% decline in May, it finished off the quarter with a 392% gain and to some extent Elon Musk’s tweets are held responsible. In addition, DOGE’s fast growth is also visible on-chain. As per CoinMetrics, the number of addresses holding at least 1 DOGE increased from 3.09M on April 1st to over 3.7M on June 30th. Most importantly, Bitcoin dominance hadn’t been this low since July 2018 as more and more assets with smaller cap reached new all time highs in May. Bitcoin Dominance fell down to 45% on June 30. China’s ban on cryptocurrency mining which reduced the hash rate by 50% may have been a significant factor for BTC’s price.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
