Bitcoin trended toward the high end of its recent range of around $28,000, while Dogecoin continued to benefit from Elon Musk's flirtation with the meme token.
he largest cryptocurrency by market value rose as much as 3.1pc to $28,442 on Tuesday, its first session higher in three. Bitcoin has traded around $28,000 since breaching that level last month for the first time since June.
Dogecoin has jumped as much as 30pc after Twitter users noticed Monday that their home buttons changed into the dog meme after which the cryptocurrency is named. Dogecoin rose to as high as 10.3 cents.
Twitter didn't respond Monday to a question about the home button change. Later in the day, the platform's owner Elon Musk posted a photo of an earlier exchange in which a Twitter user urged him to change the bird logo to a doge. Musk tweeted: "As promised."
"BTC had a good monthly and quarterly close Sunday night, so it kept continuing its macro-trend already before Doge and is now trading in a range whilst forming support on the back of of a more bullish sentiment overall in crypto and risk assets," said Garry Krugljakow, founder of 0VIX, an open-source DeFi protocol for lending and borrowing. "Doge has definitely led the narrative in the past 24 hours."
Krugljakow added that: "It remains to be seen if Musk is serious about using $DOGE for payments or he is just doing his usual thing."
Meanwhile, the sales volume of Donald Trump-themed NFTs continued to climb while the former US president was indicted in lower Manhattan on Tuesday.
Sales volume for the official Trump collection rose 125pc in the past 24 hours, to about $36,000, according to tracker NFT Price Floor. The sales volume is still down about 19pc over the last 90 days, according to the site.
After tumbling in 2022, Bitcoin's rebound this year made it the best-performing asset in the first quarter, even as a widening US regulatory crackdown and the collapse of a few crypto-adjacent banks have tempered some investors' enthusiasm.
Though crypto prices have recovered at the start of 2023, trading volumes and liquidity in the crypto market have dried up when measured over the past year amid an overall plunge in prices, which has seen Bitcoin drop about 39pc to around $28,000 and some other coins even more. Investors retreated over that period as a string of scandals scared them away. Analysts are now particularly tuned into how smaller retail investors may behave as they've been an integral part of the system, helping to drive up prices during the early pandemic boom.