Dogecoin Surges 8% As Wider Cryptocurrency Market Shows Slight Recovery

Some shades of green returned to the battered cryptocurrency market on Tuesday night with meme-based Dogecoin (CRYPTO: DOGE) registering near 8% gains.

What Happened: DOGE traded 7.93% higher at $0.19 at press time over 24 hours. The Shiba Inu-themed cryptocurrency still traded 40.87% lower over a seven-day period.

See Also: How To Buy Dogecoin (DOGE)

DOGE scored 3.42% and 8.79% gains against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two top cryptocurrencies by market capitalization.

BTC traded 4.01% higher at $32,801.62 over 24 hours, while ETH traded 0.25% lower at $1,894.42 in the same period.

BTC and ETH declined 17% and 24.94% respectively over a week leading up to press time.

Other cryptocurrencies that saw significant gains included Celo (CRYPTO: CELO), which traded 25.31% higher at $2.30 at press time over 24 hours. Chiliz (CRYPTO: CHZ) traded 9.3% higher at $0.23 in the same period.

The top gainer on Tuesday evening was Livepeer (CRYPTO: LPT), the token of a decentralized live video streaming network, which soared 28.18% to $24.74. The cryptocurrency rose 23.72% and 30.13% against BTC and ETH, respectively.

Why It Matters: Mason Nystrom, a research analyst at Messari, said on Twitter Monday that Livepeer is finding product-market-fit and is transcoding a million minutes of video each week.

Meanwhile, the cryptocurrency market is seeing the return of some gains after a bloodbath earlier in the week. 

See Also: Dogecoin As An Asset ‘Accurately Reflects’ Current Economic Climate, Says FTX CEO

As of press time, global cryptocurrency market capitalization touched $1.28 trillion, a gain of 2.04% over 24 hours.

Bitcoin and other cryptocurrencies plunged Monday after China’s central bank instructed the country’s major financial institutions to restrict services for cryptocurrency transactions.

The People’s Bank of China action comes after an earlier crackdown on mining operations by authorities in China’s Sichuan province.

A major Chinese miner has said that it has moved its rigs to Kazakhstan after its power supply was snapped by a Sichuan utility.

Read Next: EXCLUSIVE: In Bid To Expand Bitcoin Ecosystem, Stacks Funds 25 Startups Building ‘User-Owned Internet’

Photo by Executium on Unsplash

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