After a turbulent following seven-day period that saw over $1 billion withdrawn from the market through liquidations, the cryptocurrency ecosystem is still battling to get off the ground. The total market worth of all cryptocurrencies is still stagnant at $1.05 trillion, with expectations for a recovery now relying on popular altcoins like Dogecoin (DOGE), which are notorious for their volatility and price fluctuations.
One of the alternative currencies that has seen a little price increase over the past day is Dogecoin. The price of the meme coin has increased by 2% to $0.06312 as of this writing.
Undoubtedly, the hope harboured by some Doge army members that the leading meme currency may fuel the upcoming market surge seems improbable, since Elon Musk, the primary catalyst for the coin, has recently shown less interest in Dogecoin.
According to past performance, a tweet from Musk may spur Dogecoin’s anticipated surge and, therefore, the wider market, but there is little chance of that occurring because the owner of the X app is more impulsive when it comes to his cryptocurrency interactions.
Other probable market triggers
Today’s exchanges list more than 9,000 different digital currencies, each with its own ecosystem and fundamentals that may equally influence the emotion and momentum of the market as a whole. However, the industry is very interested in two important issues, namely the continuing Ripple and Coinbase legal battles and the U.S. SEC’s approval of the Bitcoin spot ETF.
Each of these incidents has an impact on the SEC’s regulatory framework, which governs the management of digital currencies in the United States. Each development in the Ripple v. SEC litigation will boost confidence and give the cryptocurrency market a victory, which will have a favourable upside in the short to medium term.
