Cardano, Dogecoin Lead Recovery as Crypto Market Recoups $44B

The cryptocurrency market is enjoying some relief today after a rough start to the month.

The altcoin-led rally over the past 24 hours has added roughly $44 billion to the market, bringing its total capitalization back over the $1 trillion mark.

Two projects in particular, Cardano and Dogecoin, have led the rally, posting gains of 8.4% and 6.1%, respectively, over the past 24 hours.

Cardano is a proof-of-stake (PoS) blockchain launched in 2015 by Ethereum co-founder Charles Hoskinson. Dogecoin is a popular meme coin created as a joke by Billy Markus and Jackson Palmer in 2013.

As for Bitcoin, the largest cryptocurrency by market capitalization, it too has enjoyed a slight jump of 4%.

The market is facing a bout of volatility in response to January’s consumer price index report, which revealed inflation rose by 0.5% last month—slightly higher than expected.

While investors mull what implications the latest CPI report will have on the U.S. Federal Reserve’s plans to raise interest rates, the Cardano and Dogecoin communities appear to be more concerned with tech upgrades and Elon Musk tweets.

Cardano’s ‘Valentine’ update and Twitter’s new CEO

The Cardano blockchain underwent a Valentine’s Day update yesterday, which kicked off the rally of its native coin, ADA.

The “Valentine” upgrade includes new features to improve cross-chain functionality and security for DApps being built on the Cardano blockchain.

Meanwhile, Dogecoin’s latest rise came, as usual, after a series of tweets by Elon Musk showing a Shiba Inu dog—the mascot of the Dogecoin community—sitting at a desk in Twitter’s headquarters.

“So much better than that other guy!” said Musk.