The classic crypto market still has it with a 12% price increase in the last 24 hours
The altcoin rally on the cryptocurrency market continues with the majority of tokens and coins recovering from the New Year’s Eve correction that aggravated the correction on the market.
Dogecoin leading the rally
According to data from CoinMarketCap, Dogecoin is leading the altcoin recovery rally for coins and tokens with market capitalization over $10 billion. The second place is taken by the Shiba Inu memetoken with a 12% 24-hour growth while Dogecoin takes the top spot with a 13% price increase.
The sudden appearance of buying power on both dog-related cryptocurrencies was a pleasant surprise for investors from both communities as no fundamental changes in the sentiment or news background of those assets have been noticed.
According to volume indicators on TradingView and CoinMarketCap, the number of Dogecoin traders has not changed significantly, indicating that the price rally is supported by a shift in investor sentiment.
Altcoins rebounding from a strong dive
According to crypto market capitalization excluding Bitcoin, the market has gained back almost $100 billion in the last three days. The data correlates with the average price action on altcoins like Doge, Shiba and Matic.
The crypto market also faced high exchange flows from altcoins like Ethereum, but other than that, no bearish signals were noticed on the on-chain and market indicators.
At press time, Dogecoin is trading at $0.17, showing its first short-term rally time since the end of December. The last time meme-coin investors experienced strong market performance from the coin was Dec. 14, when Tesla announced the acceptance of Dogecoin as a payment tool for its products.
