Steve Gregory, CEO of cryptocurrency and tokenized asset exchange Currency.com, said the firm is seeing a gradual shift from users holding Bitcoin to altcoin projects like Dogecoin and Shiba Inu. Here are the details…
Steve Gregory says some altcoin projects are getting attention
Gregory said, “people hold less Bitcoin and are switching to meme coins like Doge and Shiba.” He theorized that this may be because these assets may be less correlated with traditional markets than Bitcoin. Gregory stated that Dogecoin is “one of the top 10 cryptocurrencies least associated with Bitcoin.” He explained that average correlations for the top 100 coins by market cap are in the highly correlated area of 0.7 to 0.9, while Dogecoin averages are “between 0.5 and 0.65”.
Meanwhile, looking at the cryptokoin.com data, Dogecoin is changing hands at $0.136 with a decrease of 2.4 percent. The Shiba Inu is down 2.6 percent at $0.00002428. Both cryptocurrencies are in the top 20 with market values of $18.1 and $13.3 billion, respectively.
Currency.com rollout to USA
Meanwhile, Currency.com rollout in USA. Registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN), Currency.com USA will enable US residents to buy, store and invest in the most traded cryptocurrencies. Currency.com USA will launch in 48 states and territories across the US. Customers in New York and Hawaii will have access to the exchange in the coming months.
Commenting on this, Gregory said, “Our expansion in the United States is Currency.com as we introduce our simplified, intuitive web-based platform to one of the world’s most mature cryptocurrency markets. It is a turning point in flour growth.” Currency.com’s US entry follows strong growth in its global business. In 2021, Currency.com’s global exchange saw overall trading activity increase 445 percent from the previous year. During the same period, total transactions on the crypto exchange increased by 409 percent.
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