The volatility in the cryptocurrency market continues since July 2018 when Bitcoin [BTC] fell below the $8,000 mark. The month of August has witnessed the market king’s turbulent history, wherein BTC continuously swung between $5,900 and $8,000. At the time of writing, BTC is trading at $6,927 with a market cap of $119 billion. Yesterday [29th August], the price of the coin had closed at $7,047 and has been moving towards the bearish end since then.
Following Bitcoin’s trend, the altcoins in the market are also depicting a bearish trend in the past 24-hours, IOTA [MIOTA] being the biggest loser in the top-10 with a 13.27% decline. However, Dogecoin [DOGE] has shown a significant spike in the past 24-hours with an increase of 22.37%.
Comparing the price charts of the coin in the past week, on 23rd August, DOGE was trading at its lowest value of $0.0023 with a market cap of $276 million. The coin has shown a slight progress over the week and reached $0.0026 as of 29th August. However, this morning saw a sudden spike in Doge’s price and the value has spiked up to $0.0032 at 7.30 AM UTC.
The development updates of the upcoming ‘Dogethereum’ smart contract has been circulating around various social media platforms for quite a long time. The main goal of the smart contract is to create a bridge between DOGE and the Ethereum network by enabling the transfer of DOGE on the Ethereum chain.
“The Dogethereum team is still working hard on the bounty, and now they will present work in order to reach a new milestone for 746 ether. All information is being made public beforehand so the public and the judges can make a decision”