Cryptocurrencies have changed the financial world completely. If you want to know how much, check out the popularity of altcoin over the recent years. Altcoins refers to any other cryptocurrency that is not bitcoins. It could be Litecoins, Dogecoins, or even Ethereum. Well, if you have been wondering what’s happening with altcoins, then you’re in the right place.
Ukraine accepts Dogecoin as a form of donation.
Ukraine’s Vice prime minister took to tweeter recently to announce Dogecoin as one of the cryptocurrencies accepted as donations. Ukraine has been seeking help in the form of cryptocurrencies amid its conflict with Russia.
In a tweeter statement, the Vice prime minister said that the altcoin could be added to the forms of donations to help the country’s army and save lives.
Crypto donations have brought more than $40 million, with more contributions still pouring into the country. However, cryptocurrencies have been limited after their price drop these last few days.
Value of altcoin drop amidst the war between Russia and Ukraine
The value of most altcoins and bitcoins has gone down amidst the conflict between Russia and Ukraine. It is estimated that the crypto market dropped to a whopping $1.75 trillion since the war started.
Most markets also went down, but crypto seems to be the most affected due to its volatile nature. Ethereum was down by 11%, while other altcoins dropped by more than 10%.
However, the drops saw crypto trading shoot up, meaning new investors joined the market.2022 was when prices were estimated to go up, but clearly, things took a different turn.
Gold stablecoins gain more popularity.
A different breed of altcoins seems to be taking the world by storm since they joined the market. Gold stablecoins are cryptocurrencies marked by market capitalization(m-cap).
Gold stablecoins are also referred to as Gold -pegged coins and are linked to the price of Gold. This means that every token is backed by an oz of Gold stored in Brinks Vaults.
Investors in the altcoins can look up the address of the Gold pegged to the Gold pegged altcoins. The coins allow one to invest in Gold through different means without thinking about where to store the Gold.
Dogecoins stumble to 12th position in ranking.
It seems like one of Elon Musk’s favorite altcoins is not doing so well this week. Dogecoin fell by 10 % in the last 24 hours, ranking at position 12 in market capitalization.
Dogecoin is losing to Shiba Inu, closely following at the 14th position. However, Dogecoin is not the only altcoin affected by the strained geopolitical situation in the world. Crypto giants such as Bitcoins are also feeling the pinch.
Altcoins continue to be a huge addition to the crypto world and still have an impact on the financial market.