In this context, Ethereum rises 0.4% to $2,871. Solana also grows 0.7% but Terra and Cardano fall 0.9% and 0.4%, respectively. Ripple and Dogecoin are also trading at slight losses.
Dogecoin shot up 26% this Monday after learning that Elon Musk completed his acquisition of Twitter and its performance accelerated to 30% on Tuesday, to later cut its rises and end up below US$0.14.
Analysts Expect Dogecoin Price to Rise Furtherand even outperform Bitcoin at the moment in the cryptocurrency market.
Musk, who has always shown his support for the meme currency and made it popular with his tweets, plans to implement it as the latest option to buy Twitter Blue. This will surely greatly increase the use of the currency and, as a consequence, its value.
Weeks ago, Musk reacted positively to a Twitter user’s comment about the potential of Dogecoin. Steven Seele’s tweet noted: “One of the best things about Musk buying Twitter or starting his own platform is that we know there will be a Dogecoin tip pot.”. Musk reacted positively to this tweet and thus sparked interest in buying the coin on the market.
Twitter Blue was launched as an option for those users who want to enjoy special features like ‘undo Tweet’ option, add bookmarks, etc. Musk also proposed that the price “should be proportional to affordability and in local currency.” He also raised the question about a payment option in Doge. Apparently it’s just a matter of patience.
What happened on Tuesday with crypto
“The Bitcoin pulled back as risk aversion returned to Wall Street, with tech stocks leading the decline,” commented Edward Moya, an analyst at Oanda. “The suspension of gas supplies to Poland by Russia made risky assets, including cryptocurrencies, They will go down considerably.”
Musk and Twitter’s push managed to lift Bitcoin towards $40,000 but it couldn’t hold it and clung to $38,500. Ethereum performed similarly and staged a back and forth movement from $2,800 to $3,200.
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Source: Ambito
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