Bitcoin, Etheruem, Dogecoin See Major Rebound Amid Elon Musk B Word Appearance But Minor Altcoins Are Still King
Major cryptocurrencies shot past key levels on Wednesday night as the global cryptocurrency market cap spiked 9.55% to $1.32 trillion.
What Happened: The rally in cryptocurrencies came after an appearance of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk at The B Word Conference where he admitted he owns more Bitcoin (CRYPTO: BTC) than Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
See Also: How To Buy Dogecoin (DOGE)
All three coins traded in the green at press time. BTC was up 8.79% at $32,217.35 over 24 hours, above the $30,000 mark. The apex coin traded 2.22% lower for the week.
ETH shot up 13.04% higher at $2,006.53 over 24 hours at press time. ETH traded marginally above the $2,000 level. For the week, ETH was up 0.64%.
DOGE traded 14.41% higher at $0.19 over 24 hours, just a touch below the 20 cent level. For the week, the Shiba Inu-themed cryptocurrency was down 1.87%.
The meme coin traded 5.17% higher against BTC and was up 1.32% against ETH over 24 hours.
Despite the resurgence in major currencies, minor altcoins dominated in terms of gains with Axie Infinity (CRYPTO: AXS), leading the pack at 56.82% gains over 24 hours. AXS was priced at $23.48 at press time.
The token of the blockchain-based game traded 3.58% lower for the week but has soared 634.90% over the last 30 days and 3,862.37% since the year began.
Against BTC and ETH, AXS rose 44.15 and 38.87% respectively over a 24-hour period.
Other notable gainers over 24 hours included Telcoin (CRYPTO: TEL), Flow (CRYPTO: FLOW), and Polygon (CRYPTO: MATIC).
TEL rose 47.51% to $0.014, Flow was up 41.11% to $17.85 and MATIC shot up 34.84% to $0.91 in the period.
Why It Matters: Musk admitted on Wednesday that, if the price of BTC falls, he loses money but also said he did not plan to increase Tesla’s involvement in the apex cryptocurrency pending pollution concerns.
The CEO, however, was all praise for Bitcoin’s role in decentralization and as a check to governmental power.
“If you hate corporations, you should really hate the government,” said Musk.
BTC and other cryptocurrencies also benefitted as more clarity emerged on the European Union’s anti-money laundering regulations, giving rise to the notion that the multilateral organization was set to ban anonymous cryptocurrency wallets, reported CoinDesk.
Meanwhile, the rise of AXS showcases a rising interest in cryptocurrency game projects. On Wednesday, Arcane Research analyst Vetle Lunde said that this “summer is so far turning out to be the summer of crypto game projects,” as per a CoinDesk report.
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