on the crypto
So far, for most of 2021, Bitcoin (BTC) and Ethereum (ETH) have been in the spotlight. However, the market correction in the past couple of months has largely eroded investor earnings. But there are two altcoins - Dogecoin and Ethereum Classic - that have experienced triple-digit growth for the second quarter of 2021 - here the quotation in real time.
Not only DOGE
Dogecoin (DOGE) and Ethereum Classic (ETC) were the show stealers in the last quarter. According to data curated by analysts at CoinMetrics, DOGE and ETC provided 400 percent and 300 percent returns, respectively.
The interesting thing here is that the returns come despite the 66% drop from DOGE's all-time high. On May 8, the price of Dogecoin (DOGE) hit $ 0,74. As of press time, DOGE is trading at $ 0,19 and as the eighth largest cryptocurrency by market cap.
The number of addresses holding at least 1 DOGE increased by 20% during the second quarter. The number went from 3,07 million on April 1 to 3,7 million on June 30. More importantly, while Bitcoin and Ethereum saw a drop in address activity during June last month, Dogecoin saw an increase in active addresses.
Polygon's MATIC emerged as the third best performer with returns of 227 percent. While altcoins did exceptionally well, Bitcoin (BTC) ended the third quarter with a negative return of 38%.
Well, it is clear that the second quarter was the quarter for altcoins with crypto-space taking up Bitcoin's market share. On April 1st, Bitcoin's dominance in the overall crypto space was a whopping 65%. This dropped to 45% by the end of June 2021.
Community Beneficial Bitcoin Miners Migration
The collapse in the price of Bitcoin came as the largest cryptocurrency in the world faced major obstacles during the Chinese crackdown. BTC's hashrate plunged more than 50 percent from its all-time high in May when several Chinese miners connected their mining rigs. In its blog post, CoinMetrics notes:
This drop in BTC's hashrate is temporary and "should eventually recover once miners start re-igniting in their new locations." The data provided added that this "will not happen overnight as it will take time to build and equip sufficient facilities to meet the sudden influx of new demand."
CoinMetrics analysts also believe migrating Bitcoin miners will prove beneficial in the long run. He noted: In the long run, this mass migration should be largely beneficial as it will help Bitcoin's hash rate to be further distributed around the world and to remove the previous concentration in China. It could also help improve Bitcoin's environmental footprint as miners in some regions of China relied on coal.
The Ethereum network shows solid strength
At the start of the second quarter on April 1, Ethereum was trading at around $ 1900 levels and rose to its all-time high of $ 4400 in mid-May. However, he ended the quarter by correcting 50 percent from his ATH.
According to CoinMetrics, the sharp rise in retail interest and the rise in NFTs fueled the rally in Ether prices. Thus, the number of addresses with at least 0,1 ETH went from 4,58 million to over 5,20 million.
Additionally, a Messari report shows that the Ethereum network stabilized $ 2,5 trillion during the second quarter. The report also adds that the Ethereum network has the potential to liquidate $ 8 trillion by the end of 2021.
