The cryptocurrency space has been relatively crazy for the past couple of days. Bitcoin got close to sixty thousand dollars, but we are currently experiencing a dip. This may be the last dip we have before seeing Bitcoin hit new all-time highs and see smaller market capital cryptocurrencies surge.
The fact that many cryptocurrencies in the top 20 have been breaking all-time highs is a good sign that small market capital altcoin season is coming soon; a lot of profits will be spilling over from small cryptocurrencies into the smaller market capital cryptocurrencies that have major events coming up, promising future and high demand.
Dogecoin has been fluctuating a lot; during the highly anticipated Saturday Night Live event, Dogecoin pumped up. The following day, Elon Musk made a big announcement about Dogecoin being the first cryptocurrency to space, and also them accepting Dogecoin as payment for the mission. He stated that SpaceX would be launching satellite Doge-1 to the moon next year, the mission will be paid for in Doge, and Dogecoin will be the first cryptocurrency and the first meme in space.
This satellite will be big for Dogecoin, and Elon Musk will continue to push Dogecoin. We now have many celebrities on Doge; many vendors are accepting Dogecoin as payment.
Mark Cuban also stated that people had paid more in Dogecoin in one day than they have for merch in Bitcoin or Ethereum in the entire year.
Dogecoin is indeed getting adoption, and this is very good for the crypto space. Many people will discover cryptocurrency due to Dogecoin adoption and get into the crypto space for the first time. People will be curious about other cryptocurrencies and explore the altcoin world, and that is when we will have many new retail investors coming into the crypto space.
Despite everything that is going on, especially the dip, the crypto space is getting more mainstream mass adoption than ever before. The adoption is a good sign that many new retail investors are coming into the crypto space as they continue to explore new cryptocurrencies, the NFT world, learn, and practice dollar-cost averaging, which would take crypto supply out of circulation while they are spreading it out.
There is a possibility that e will be seeing more cryptocurrencies in the multi-trillion-dollar market capital very soon. Ethereum is currently at over 450 billion dollars in market capital; this is nearly half of Bitcoin’s market capitalization. Ethereum would have to do a 2x of about 125% gain to get to a trillion-dollar market capital and flip Bitcoin for the first time.
It will be amazing and interesting to see if Ethereum will continue to gain market dominance while Bitcoin sits at the sidelines and continues to go sideways.
The cryptocurrencies following Ethereum in market capital are Binance BNB at 100 billion dollars and Dogecoin, 60 billion dollars, while the rest are from fifty billion and less. The cryptocurrency space is still relatively small, which means that there is room for growth.
