After a shaky start to the month of February, one day after Valentine's Day brought a fresh breeze to the crypto market, building up a recovery.
Not Bitcoin, the recovery in the crypto market this time is led by altcoins, receiving a flow of funds around $44 billion and bringing market capitalization back to an encouraging level of $1 trillion.
Decrypt reports that, over the last 24 hours, Cardano and Dogecoin have been the main drivers of the rally, with both projects registering gains of 8.4% and 6.1% respectively. Meanwhile, Bitcoin only rose by around 4% at the same time.
Just for your information, Cardano is a cryptocurrency that focuses on blockchain and decentralized applications, while Dogecoin is the world's first meme coin and the creator of cryptocurrency memes with themes of dogs and other cute animals.
The January consumer price index report, which showed a slightly higher than expected increase in inflation by 0.5%, has caused a period of market volatility.
As investors contemplate how the latest CPI report may impact the U.S. Federal Reserve's intentions to raise interest rates, the Cardano and Dogecoin communities seem to be more preoccupied with technical upgrades and Elon Musk's tweets.
Yesterday, the Cardano blockchain received a Valentine's Day update that initiated a surge in the value of its native coin, ADA.
The Valentine upgrade brings new features to enhance cross-chain functionality and security for decentralized applications being developed on the Cardano blockchain.
At the same time, Dogecoin's recent increase is attributed, as usual, to a series of tweets by Elon Musk featuring a Shiba Inu dog, which is the mascot of the Dogecoin community, sitting at a desk in Twitter's headquarters.
What investors are most looking forward to is whether this recovery will end the correction that formed earlier this month or if it will just be a trigger for false hopes among crypto supporters. Let's just wait and see. [pc]
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