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ETH$2 093.04

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Triple-digit gains make Dogecoin and Ethereum Classic the top performers of Q2


15 Jul 2021

#Ethereum Classic

Bitcoin and Ethereum were the center of attention in Q1 but data shows DOGE, ETC and MATIC were the top performers of Q2. In early 2021 Bitcoin and Ether price was the center of attention as each asset seemed to hit a new all-time high every 24-hours and traders called for $100,000 BTC and $5,000 ETH. Fast forward to the present and both assets are still more than 40% down from their all-time highs and the bulls calling for unbelievable price targets are nowhere to be found.    

A recent report from CoinMetrics reviewed the performance of Bitcoin and altcoins during Q2 2021 and the analysts found that even with the sharp May 19 market correction many assets finished the quarter in the green with Dogecoin (DOGE) coming out on top with a  392% gain.

Ethereum Classic (ETC) and Polygon (MATIC) were the other two breakaway stars of Q2, with each gaining 297% and 227% respectively despite a nearly 39% decline in the price of Bitcoin.

Ethereum network shows strength

One of the biggest developments during Q2 was the Ether price breakout from $1,971 on April 1 to a new record high of $4,362 on May 11 before the market-wide sell-off resulted in a quarterly close at $2,240, which represents a 13.2% gain. CoinMetrics highlighted that Ether price “benefited from a renewed surge of retail interest which was partially driven by the rapid rise of NFTs.”

As a result of the retail surge, the number of addresses holding at least 0.1 Ether increased from 4.58 million to more than 5.20 million. Ether’s positive finish, when compared to the significant decline in Bitcoin, is also indicative of the increased attention the top-ranked altcoin is receiving from institutional investors looking to diversify away from BTC.

Altcoin gains triggered a decline in Bitcoin Dominance

As mentioned earlier, the best performance in Q2 came from DOGE, which managed to finish the quarter up 392% despite a 66% decline from its $0.74 all-time high set back on May 8. According to the report, the number of addresses holding at least 1 DOGE increased from 3.09 million on April 1 to 3.7 million addresses on June 30. DOGE addresses continued to increase in the month of June while new Ether addresses essentially flatlined at the end of May.

As a result of the gains made by altcoins, Bitcoin dominance fell to 45% on June 30, its lowest level since July 2018. CoinMetrics pointed out that the significant headwinds BTC faced were partially a result of China’s crackdown on cryptocurrency mining, which resulted in a 50% decline in hash rate in Q2 to its lowest level since late 2019.

This decline is likely temporary and the hash rate “should eventually recover once miners start to power back up in their new locations,” but CoinMetrics warned that this “won’t happen overnight since it will take time to build and set up enough facilities to accommodate the sudden influx of new demand.” Overall, CoinMetrics and other analysts see the development as a long-term positive development for the Bitcoin ecosystem headed forward.

CoinMetrics said: “Over the long-term this mass migration should be largely beneficial as it will help Bitcoin hash rate get further distributed around the world, and remove the previous concentration in China. It could also help improve Bitcoin’s environmental impact since miners in some regions of China relied on coal.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 80 $30 508.12 1.26% -1.89% $580 960 193 914 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 79 $2 093.04 2.32% -11.39% $252 881 782 711 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.998966 0.01% -0.09% $74 132 298 378 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000154 -0.02% 0.03% $52 257 397 746 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 62.8% 79 $306.44 1.60% -4.39% $50 035 144 123 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.6% 70 $0.439088 2.06% -15.23% $21 226 851 531 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 64% 70 $0.576828 2.14% -8.94% $19 508 461 980 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 62% 80 $57.33 4.48% -15.31% $19 341 508 411 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.002166 0.04% 0.04% $18 233 995 659 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 80 $0.090315 1.22% -17.60% $11 982 202 523 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 66% 77 $11.07 1.94% -3.93% $10 927 928 134 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60% 78 $34.86 4.21% -23.49% $9 380 362 142 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60% 80 $30 511.34 1.34% -2.03% $8 645 506 751 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 69.6% 60 $0.072411 3.63% -6.41% $7 071 146 113 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.8% 78 $0.000013 2.45% -24.21% $6 898 547 303 SHIB 7 days price change

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