content_image_819e7985-1d91-4d32-bcc1-5212796710c5MUMBAI: Various cryptocurrencies have risen between five and 35 per cent in the past 24 hours following Elon Musk’s decision to buy Twitter for 4 billion. Bitcoin, Ethereum, Tether, Dogecoin prices rose.

On the one hand, while other riskier asset classes are witnessing heavy volatility, the price of cryptocurrencies is showing strength. The prices of most cryptocurrencies jumped on Tuesday.

Market sources say that there has been a boom after Elon Musk bought Twitter. Although the deal is not directly tied to any other cryptocurrency, the 5% jump in Dogecoin is said to be due to the deal.

If Musk’s deal goes through, Dodge speculators believe Dodge will be connected to him in some way. One analyst said it remains to be seen how Musk will link Dogecoin to Twitter. Musk is known as the ‘Dodgefather’ among Dodgecoin players. Sources also say that Tesla’s head has mentioned this currency on several occasions.

The global market capitalization rose 3% to 1.5 trillion in the past 24 hours as the cryptocurrency boomed. Dodgecoin was quoted at 0.15 per unit. Bitcoin was quoted at 205 and Ethereum at 5.

It is worth mentioning here that since the time of Corona, the business of cryptocurrency has increased a lot in the whole world including India. Many countries have started to recognize the trading of crypto.