Cryptocurrency news: Dogecoin up by 11.2%, Bitcoin gains 3.9%

Nine of the top cryptocurrencies were trading in green, with Dogecoin showing the highest gain of 11.23% to $0.24, while the world’s biggest and oldest cryptocurrency Bitcoin increased by 3.95% to $49,378.89, on Tuesday. Similarly, the world’s second-largest token Ethereum inclined by 1.57% to $3,392.84. Alt coin, Cardano, Binance Coin, XRP and Solana climbed by 1.44%, 3.49%, 1.61% and 0.24% respectively. While Tether USDT and USD Coin were the only laggards. In terms of ranking, Binance Coin moved up from fourth to third position, while Cardano slipped to fourth position.

On the other hand, Solana went up to the sixth position and XRP slipped to seventh position. Polkadot slipped to tenth position, while Dogecoin was at the ninth position in the last 24 hours.

Cryptocurrency prices

Payments through cryptocurrencies are gaining prominence day by day

As a payment method, cryptocurrencies are gaining ground among small businesses in both the formal and informal economy of India.

Bitcoin, Ethereum, Solana and other cryptos have been accepted by them in exchange for goods and services, amid the rising popularity of digital assets in India.

According to The Economic Times, the use is being dictated by businesses which are trying to ride on the popularity of cryptos that had been built up during the pandemic.

Shiba Inu increases by 45% after tweet from Elon Musk

Shiba Inu surged by over 45%  in the last 24 hours. As of Tuesday, the token is trading at $0.00001264, while its market cap stood at $4,987,163,972. It had risen by 49% on Monday.

The rise comes on the back of a tweet from Tesla CEO and Dogecoin investor Elon Musk. In the tweet he had shared a picture of his new pet dog named Floki, with the caption ‘Floki Frunkpuppy’, which had caused a sudden surge in prices.

In the recent past, Musk has always been an advocate for Dogecoin, and has been at the forefront for the price rise in Shiba Inu as his pet is an internet favourite now.