Bitcoin, Ether Fare Better as Dogecoin Price Sees Major Movement After Elon Musk' Announcement

The prospect of reduced central-bank stimulus in the US appears to play a part in the recent crypto volatility.

Bitcoin, Ether Fare Better as Dogecoin Price Sees Major Movement After Elon Musk' Announcement

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Bitcoin is down by 4.7 percent over the past week

Highlights
  • Bitcoin gained in value to inch closer to the $50,000 mark
  • Ether rose in value after a difficult start to the week
  • Dogecoin shot up in value after Elon Musk's tweet

Bitcoin showed signs of recovery on Tuesday after a poor start to the week saw the world's largest cryptocurrency by market capitalisation slide in value by over 3.43 percent. Bitcoin's valuation has now risen by over 2.07 percent over the past 24 hours ahead of an expected US Federal Reserve fiscal policy announcement on Wednesday. Bitcoin is currently valued at $51,718 (roughly Rs. 39.05 lakh) on Indian exchange CoinSwitch Kuber, while global exchanges like CoinMarketCap, paint a similar picture with the price of Bitcoin up by 3.07 percent to value it at $48,684 (roughly Rs. 36.76 lakh).

Similar to Bitcoin, Ether saw a run in the green too after a disastrous dip of over 7 percent on Monday. The cryptocurrency is up by 1.58 percent over the past 24 hours in what has been a poor run for Ether over the course of the past two weeks. At the time of publishing, Ether is valued at $4,132 (roughly Rs. 3.12 lakh) on CoinSwitch Kuber while values on global exchanges see the second-largest crypto by market cap pegged at $3,884 (roughly Rs. 2.93 lakh), where the coin has shot up in value by 2.31 percent over the past 24 hours.

Gadgets 360's cryptocurrency price tracker shows that most other altcoins have fared well over the past 24 hours too.

Cardano, Polygon, Ripple, Litecoin and, Uniswap are all on the up, while Tether and Polkadot were the only popular altcoins to dip in value over the past 24 hours.

Meanwhile, in the battle for meme coin supremacy, Dogecoin, the original dog coin, shot up in value by 12.44 percent. DOGE is currently valued at $0.19 (roughly Rs. 14.45), while Shiba Inu is up by 1.66 percent to be valued at $0.000034 (roughly Rs. 0.002563).

The spike for Dogecoin comes after Elon Musk aka 'Dogefather' was named Time Magazine's “Person of the Year”. Musk used the opportunity to mention in an interview with the publication that meme-based Dogecoin is much better than Bitcoin for everyday payments. He later tweeted to announce that Tesla will be accepting DOGE payments for select merchandise. The verified Twitter account of Dogecoin also posted a clipping of Musk's interview, thanking the tech mogul for “dropping some straight facts” about the original meme coin.

Elsewhere, in the metaverse space, Bored Ape Yacht Club (BAYC) creator Yuga Labs has announced that it is working with The Sandbox maker Animoca Brands on a play-to-earn blockchain-based game that is set to launch in Q2 2022. Specifics have not been detailed yet but the game will utilise Bored Ape non-fungible token (NFTs) which include a collection of 10,000 NFT images that have become well-established in popular culture.

Sportwear brand Nike also announced that it had bought virtual sneaker company RTFKT for an undisclosed sum, as the sportswear giant looks to quickly expand its footprint in the fast-growing "metaverse". Last month, Nike became one of the first big brands to enter the shared virtual world that gained prominence after Facebook rebranded itself Meta Platforms.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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