Cryptocurrency price roundup: Crypto recovery continues

Bitcoin and ether rise by 1.7% and 4% respectively

Cryptocurrencies continued to trade up on Thursday, although the pace of the recovery from Tuesday’s has slowed.

Having dipped as low as $29,286 two days before, bitcoin rose to a high of $32,389 during the day. By early evening UK time, the world’s first and largest cryptocurrency was up by 1.7% at $32,368. Per CoinMarketCap, Bitcoin’s market capitalisation was essentially flat at $606bn, while trading volume stood 1.6% higher at $24.1bn.

The crypto was essentially rescued from its first dip below $30,000 in a month by Elon Musk. Speaking to the B Word conference, the Tesla CEO said that the carmaker would “most likely” resume accepting bitcoin as a form of payment if the ongoing push to make the mining process more environmentally friendly continues to gain ground.

In addition to admitting that he “might pump” but wouldn’t dump because he “would like to see bitcoin succeed”, Musk revealed that he personally owns dogecoin and ethereum.

The second-largest cryptocurrency, ether, enjoyed a stronger Thursday recovery. Having dipped as low as $1,717 on Tuesday, ETH was trading up by 4% on Thursday evening at $2,025. Although its market cap stood less than 2% higher at $236bn, the crypto saw a 16% increase in trading volume to $20.6bn.

Winners and losers

Axie Infinity was the biggest gainer of the day, rising by 25% to touch $25.46. The governance token of the NFT-based Pokemon-inspired trading and battling game enjoys a market capitalisation of $1.52bn.

Although it had surged by more than 600% in the past month, AXS was trading 14% below the $29.42 all-time high that it set last Thursday.

UNUS SED LEO was the market’s biggest loser, falling 14% to $2.52. The utility token, which is used across the iFinex ecosystem to allow Bitfinex users to save on trading fees, was trading 36% below the $3.95 all-time high price it enjoyed in May.

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