After a week of constant declines with Cryptocurrency, Wednesday came with signs of recovery. In the meanwhile, dogecoin was growing and showing high market values and the prices of meme coins have risen significantly. This was in result of Elon Musk the CEO of Tesla tweeting that he will start accepting it as a payment method for Tesla merchandise.
Dogecoin went up 33% to $0.21 before going back to $0.17. It is currently trading at $0.18 according to CoinGecko data. Due to the dogecoin bump in value bitcoin went up close to $2000 after the lows it experienced on Tuesday. It is still battling the $50,000 price barrier, which it failed to break over on Monday. Ethereum on the other hand recovered from yesterday’s dump to $3,680 and added 3% to $3,880.
Crypto funds were the ones behind the ether bids for several weeks. The Wallet activity shown on Three Arrows Capital which is Singapore-based has shown us that the fund moved thousands of ether from Coinbase and Binance all in a day. It went up to $400 million earlier this month.
This was in reaction to the founder of Three Arrows Su Zhu that criticized Ethereum for having a slow and rather non-affordable network. After the macroclimate calmed down and global stock markets were “healthy,” Zhu told CoinDesk that the firm was still optimistic on ether.
According to CoinGecko Avalanche tokens went up 15%, Solana 7%, and terra (LUNA) 5%.
Polygon (MATIC) rallied 8.9%. On Tuesday, the proposal released a Testnet version of a ‘burn’ implementation. This eliminates a fixed amount of MATIC from each transaction. A Testnet is a development environment for software that is still under development.
If the plan is approved, almost 0.27 percent of MATIC’s 6.8 billion supply will be consumed each year, according to tests done.
There are some that believe it can take some time before the market recovers completely.
According to Laurent Kssis an ETF expert and director of CEO Capital. He doesn’t see how things can escalate especially due to the problem of liquidations and trading volumes.
Kssis told CoinDesk the following statement. “The U.S. has woken up and bought on and anticipated lower bitcoin prices which have pushed the price up slightly but it is still under pressure.”