Dogecoin (DOGE) has surpassed Polkadot (DOT) to become the 10th largest cryptocurrency in the world with a market value of over $11.4 billion. The market cap of DOT currently stands at over $10.1 billion. As of now, DOGE is trading at $0.086, while DOT is trading at $10.23.
Meanwhile the world’s largest cryptocurrency Bitcoin has ranked as the ninth largest base money in the world, as of the end of the first quarter of 2022. The cryptocurrency was ranked as the seventh-largest in the third quarter of 2021. Bitcoin, which had been witnessing a dip in its prices recently, jumped over $31,500 on Tuesday.
Bitcoin, the world’s largest cryptocurrency, dropped more than 17% in the month of May, while Ethereum ranked more than 31% in the month. Further, Solana was the biggest loser among the world’s 10 largest cryptocurrencies, losing nearly 50%. Dogecoin and Ripple tanked over 34% and 31% respectively during the time period.
The Bitcoin profitability levels have touched a two-year low, with only around 54% of all Bitcoin investors remaining in profit, a report said. Around 20 million Bitcoin addresses are currently in red, while 2.49% of BTC holders are in the neutral zone. Such levels were previously seen in May 2020.
The crypto market has been struggling for a while now and has taken the likes of Bitcoin down with it. The result of this extended trend of low prices has been that profitability has dropped across both major and minor digital assets in the space. For Bitcoin, the pioneer cryptocurrency has been especially hard hit as its profitability has now declined to two-year lows.
Even with the recent price recovery, the profitability ofbitcoin has been at the worst levels since 2020. Whathas happened has been both a mixture of decliningprices over a number of months and newer investorswho got in at higher prices being left with bags oflosses. As a result, the profitability has now touchedlevels that it has not seen since May 2020.
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