Daily Times

The cryptocurrencies recovered from Wednesday’s shock, with market capitalisation improving to $2.35 trillion as of 1230 hours GMT on Thursday.

The largest cryptocurrency Bitcoin’s price went up by 1.46 percent to $47,575. With this increase in price, the market capitalisation of the biggest crypto has reached $899.8 billion. Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 2.46 percent to reach $3,744. With this increase in price, the market capitalisation of ETH has reached $440 billion.

Similarly, XRP price gained 2.46 percent to reach $0.849. The market capitalisation of XRP stands at $84.8 billion after this increase. On the other hand, Cardano (ADA) price decreased by 0.21 percent to hit $1.37. Its market capitalisation has reached $45 billion with this decrease.

However, Dogecoin (DOGE) price went up by 2.94 percent to reach $0.175. With this increase in price, the market capitalisation of DOGE has reached $23.2 billion.

Meanwhile, Elon Musk, the CEO of Tesla, is bullish on Dogecoin. The billionaire believes that Dogecoin is fundamentally better than any other cryptocurrency. Musk believes that Bitcoin is ‘comically slow’ for 2021. He argues that he doesn’t understand Ethereum-based smart contracts that are self-executing.

Musk plans to put Dogecoin on the moon. Further, he predicted that Dogecoin would eventually become the official currency of Mars. Musk has previously hinted at the use of the memecoin for SpaceX. He said, “I think Mars itself will need to have a different currency … I don’t know if Mars would have a cryptocurrency as a thing, but probably it seems likely, but it would be kind of a localised thing on Mars.”

Separately, Musk said that hyper-secretive cryptocurrency expert Nick Szabo might be the creator of the world’s most popular cryptocurrency. “You can look at the evolution of ideas before the launch of Bitcoin and see who wrote about those ideas,” Musk told artificial-intelligence researcher Lex Fridman in a podcast. The Tesla CEO also denied the allegations that he could be Satoshi, stating he would not hide it if he were.

“It seems as though Nick Szabo is probably, more than anyone else, responsible for the evolution of those ideas,” he said. “He claims not to be Nakamoto, but I’m not sure that’s neither here nor there. But he seems to be the one more responsible for the ideas behind Bitcoin than anyone else.”