During the last quarter, the number of addresses with at least one DOGE increased by 20%.
In the second quarter, altcoins dominated, driving Bitcoin’s market share below 45 percent.
Bitcoin (BTC) and Ethereum (ETH) have dominated the news for the most of 2021. However, the market pullback over the last two months has significantly reduced investors’ gains. However, for the second quarter of 2021, two altcoins – Dogecoin and Ethereum Classic – have shown triple-digit growth.
In the recent quarter, Dogecoin (DOGE) and Ethereum Classic (ETC) have been the show stealers. DOGE and ETC, according to CoinMetrics data, have provided 400 percent and 300 percent returns, respectively.
It’s worth noting that Dogecoin’s remarkable performance comes despite a 66% dip from its all-time high. The price of Dogecoin (DOGE) reached $0.74 on May 8. DOGE is now trading at $0.19, making it the eighth-largest cryptocurrency by market capitalization.
During the second quarter, the number of addresses with at least one DOGE increased by 20%. On April 1, the figure was 3.07 million, but by June 30, it had risen to 3.7 million. Most importantly, while Bitcoin and Ethereum experienced a reduction in address activity in June of last year, Dogecoin experienced an increase.
With 227 percent returns, Polygon’s MATIC was the third-best performer. While cryptocurrencies performed well, Bitcoin (BTC) had a negative 38 percent return in the third quarter.
With the crypto-space cutting into Bitcoin’s market share, it’s evident that Q2 was the quarter for altcoins. On April 1, Bitcoin has a huge 65 percent market share in the whole crypto industry. By the end of June 2021, this had reduced to 45 percent.
The community benefits from the movement of bitcoin miners.
The Bitcoin price drop occurred when the world’s largest cryptocurrency faced significant headwinds as a result of China’s crackdown. As numerous Chinese miners turned off their mining rigs, the BTC hashrate plummeted by more than 50% from its all-time high in May. CoinMetrics writes in a blog post that the drop in BTC hashrate is only temporary and that it “should soon rebound once miners start powering up in their new sites.” This “won’t happen overnight,” according to the statistics, because “it will take time to create and set up adequate infrastructure to satisfy the unexpected flood of new demand.”
CoinMetrics analysts also believe that the Bitcoin miner movement will be advantageous in the long run. This huge exodus should be generally good in the long run, since it will help Bitcoin’s hash rate become more evenly spread around the world, removing the previous concentration in China. It could also assist to reduce Bitcoin’s environmental impact, as some Chinese miners rely on coal.
The Ethereum network is performing well.
Ethereum was trading about $1900 at the start of the second quarter, on April 1, and had risen to an all-time high of $4400 by mid-May. However, it concluded the quarter with a 50% correction from its all-time high.
According to CoinMetrics, the Ether price gain was powered by a strong jump in retail demand and the rise of NFTs. As a result, the number of addresses with at least 0.1 ETH increased from 4.58 million to over 5.20 million.
In addition, according to Messari, the Ethereum network settled $2.5 trillion in the second quarter. According to the research, the Ethereum network has the capacity to settle $8 trillion in transactions by the end of 2021.
DeFi and stablecoin activities on the Ethereum blockchain are credited with this rise.
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