Dogecoin is winning cryptocurrency. The market’s beloved meme asset has now outperformed every other top digital asset this year.
At press time, Dogecoin is up over 8,000% since January 1 — having tripled in price in the past day alone.
To put that in perspective: $1,000 invested in Dogecoin less than four months ago is worth $80,000.
Whether these gains hang around is anyone’s guess, but Dogecoin isn’t alone. The top 50 digital assets by market cap (as recorded at the end of 2020) are up across the board.
But by raw dollars, Bitcoin has by far grown the most. At the start of the year, BTC contributed $540 billion to crypto’s $820 billion total market value.
Today, Bitcoin’s market cap is almost $1.2 trillion all by itself, and the entire crypto market is worth more than double what it was at the start of the year — now $2.2 trillion according to TradingView.
So far in 2021, the top 50 cryptos from the start of the year (including BTC) have together added $1.3 trillion to their collective market caps.
Not just Dogecoin: Every top 50 crypto is up
Highlighting trends is difficult with practically every digital asset in the green.
In any case, Proof-of-Work (PoW) cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are still the biggest by far, so it makes sense their market caps have also grown by the most.
Yep, despite constant assault from the hippie mainstream media for their energy consumption, BTC and ETH have together added nearly $850 billion to their collective market caps this year.
Not to mention, PoW chains in general have grown by more billions than any other kind of digital asset, be it Proof-of-Stake (PoS) coins like Binance’s BNB or permissioned ones like Ripple’s XRP.
But PoS coins and utility tokens are growing faster
But comparing the percentage growth paints a slightly different picture to raw dollars added.
Turns out, PoS coins are growing the fastest this year, with BNB and Filecoin (FIL) leading the way. Utility and exchange tokens like FTX’s following closely — but still far behind Dogecoin.
BNB and FIL have respectively added $78 billion and $10 billion to their market caps, representing 1,400% and 950% growth.
As for Dogecoin, using data acquired earlier today, it’s added over $22 billion to its market cap after starting the year at under $600 million.
At press time, Dogecoin’s valued at double that: $47 billion, making it the seventh biggest cryptocurrency on the market.
None of this is investment advice. Crypto markets are crazy right now. Always do your own research. Don’t buy digital assets just because they’re going up. They can go down, too.