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The cryptocurrency market is witnessing a notable surge, which is led by an unexpected spike in Dogecoin (DOGE), one of the top 20 altcoins.
This rally was primarily triggered by the integration of X Payments, a significant development in the digital payments sector.
The meme-based cryptocurrency saw its value soar to a 24-hour high of $0.08996, eventually stabilizing at $0.0785.
This bullish trend is not limited to Dogecoin; other major cryptocurrencies, including Stellar (XLM) and BNB, are also experiencing some gains.
A meme coin's remarkable ascent
Dogecoin's impressive performance can be attributed to the recent strategic move by X Payments.
After the launch of their dedicated payments account, the crypto community has been abuzz with speculation regarding the potential implications for various cryptocurrencies.
Dogecoin, in particular, recorded a substantial double-digit price spike, This surge, however, was followed by a slight retraction, with the coin's value balancing at $0.0785.
This bullish momentum is not limited to the leading meme coin. Siacoin (SC) has risen by 16.7%, making a significant leap in market capitalization rankings. Chiliz (CHZ) also enjoyed a 12% uptick.
However, it's not just the lesser-known cryptocurrencies that are in the green; major players like BNB, Stellar (XLM), and Avalanche (AVAX) have recorded modest yet positive increases, each under 2%.
Contrasting Bitcoin's performance
In contrast to the altcoin surge, Bitcoin, the flagship cryptocurrency, seems to be in a state of limbo.
Despite the initial excitement surrounding the launch of multiple Bitcoin ETFs, Bitcoin's price has unexpectedly dropped.
The introduction of these ETFs was initially seen as a milestone for Bitcoin's mainstream financial adoption.
However, the current market response suggests a more complex interplay of factors influencing Bitcoin's value, ranging from profit-taking strategies to the reallocation of funds within the cryptocurrency ecosystem.
At press time, Bitcoin is trading at $41,618, according to CoinGecko data.