Tech

Bitcoin, Ether outperform when Dogecoin price fluctuates after Elon Musk’s announcement


Bitcoin showed signs of recovery on Tuesday after an unlucky start to the week as the world’s largest cryptocurrency by market capitalization slipped more than 3.43%. Bitcoin’s valuation is now up more than 2.07 percent in the past 24 hours ahead of the US Federal Reserve’s expected fiscal policy announcement on Wednesday. Bitcoin is currently valued at $51,718 (approximately Rs 39.05) on Indian exchange CoinSwitch Kuber, while global exchanges like CoinMarketCap, paint a similar picture with Bitcoin price up 3.07% to price it at 48,684 dollars (about 36.76 lakh).

Similar to Bitcoin, Ether also rallied after a disastrous drop of more than 7% on Monday. The cryptocurrency is up 1.58% in the past 24 hours in a string of bad performances for Ether over the course of the past two weeks. At the time of publication, Ether is valued at $4,132 (approximately Rs. 3.12 lakh) on CoinSwitch Kuber while the value on global exchanges shows the second largest cryptocurrency by market cap pegged at $3,884 (approximately Rs. 2.93 lakh) where the coin has increased 2.31% in value in the last 24 hours.

Gadgets 360’s Cryptocurrency price tracker shows that most other altcoins also perform well in the last 24 hours.

Cardano, Polygon, Ripple, Litecoin and, Uniswap all of the above, while Tether and Polkadot are the only popular altcoins that have decreased in value in the last 24 hours.

Meanwhile, in the battle for supremacy of the meme coin, Dogecoin, the original dog coin, has increased in value by 12.44 percent. DOGE is currently valued at $0.19 (approximately Rs. 14.45), while Shiba Inu rose 1.66% to be valued at $0.000034 (about Rs 0.002563).

Dogecoin spiked after Elon Musk aka “The Godfather” was voted “Person of the Year” by Time Magazine. Musk took the opportunity to mention in an interview with the publication that the meme-based Dogecoin is much better than Bitcoin for daily payments. He later tweeted to announce that Tesla will accept DOGE payments for select merchandise. Dogecoin’s Verified Twitter Account Also Posted a truncate in Musk’s interview, thanking the tech mogul for “giving some candid facts” about the original meme.

Elsewhere, in the metaverse, Bored Ape Yacht Club (BAYC) creator Yuga Labs has announced that it is work with Sandbox maker Animoca Brands on a play-for-money blockchain-based game is set to launch in Q2 2022. Specifics are yet to be detailed but the game will use a zero token. replaceable (NFT) Bored Ape consists of a collection of 10,000 NFT images that have become popular in popular culture.

Sportswear brand Nike also announced that it bought virtual sneakers company RTFKT for an undisclosed amount, as the sportswear giant wants to rapidly expand its footprint in the rapidly growing “metaverse”. Last month, Nike became one of the first major brands to enter the shared virtual world that rose to prominence after Facebook rebrand itself Meta Communication.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and Founder of Weekend Trajectory, podcast Gadgets 360. Orbit is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.

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