Dogecoin continues to rise as bitcoin recovers from its lows

Dogecoin Continues to Grow as Bitcoin Recovers from Lows - Elon Musk Predicts Dogecoin DOGE PriceCryptocurrencies began their recovery Thursday morning as dogecoin, the meme token, continued to rise, getting a boost earlier this week after being listed by Coinbase Pro and garnering the support of Tesla's boss.Tesla shares - TSLA ticker) Elon Musk.

Dogecoin was up nearly 9% to $ 0,42. It now has a market cap of around $ 54 billion, making it the sixth largest cryptocurrency by market value, according to Coinbase.

DOGE lands on Coinbase Pro

Coinbase is the largest cryptocurrency exchange in the United States and Pro is its trading platform is professional grade. Some reports have suggested that it will soon begin supporting dogecoin on its retail trading platform as well.

In its blog post announcing the move in the pipeline, Coinbase said that "unlike bitcoin, which is designed to be scarce, dogecoin is intentionally plentiful: 10.000 new coins are mined every minute and there is no supply. maximum ".

"Individual investors have been clamoring online this year for Coinbase to start supporting cryptocurrency as a manic rally has spurred the prices of a number of digital assets including bitcoin, ether, SafeMoon and dogecoin to new heights," he noted. the Wall Street Journal.

Meanwhile, Musk continued tweeting about the crypto, creating a certain frenzy

Responding to the news on Coinbase, he retweeted an image showing dogecoin taking over the global financial system and saying, "It's inevitable."

The mainstream bitcoin crypto (BTC-USD) is up about 3,4%, trading at $ 38.704. It is heading back towards $ 40.000, but is still far from its all-time high of $ 63.000. Ethereum (ETH-USD), the second largest cryptocurrency in the world by market capitalization, increased by approximately 4,9% to reach $ 2.826.

Read more: Analytics firm warns that online threats have "changed substantially" as a result of the pandemic

Both continue to recover from a previous sell-off, due in part to crackdowns in countries like China and Iran, and criticism in Japan.

The UK's Financial Conduct Authority recently warned that many cryptocurrency companies are withdrawing applications to register with the regulator. This is because they are unable to meet its anti-money laundering standards.

But cryptocurrencies also have supporters. This week the Norwegian finance minister suggested that cryptocurrencies will at some point outgrow their volatility, Bloomberg reported.

"It is clear that there may be a development over time, whereby you will be able to achieve more stabilization mechanisms in currencies which can lead to more breakthroughs and upheavals in a slightly longer term," Jan Tore Sanner said, but added to now it is not "a market I would advise consumers to enter".