Wednesday’s collapse of the cryptocurrency markets didn’t last very long.
A broad rally among digital currencies has brought Bitcoin, Ethereum, Dogecoin, and many others nearly the point at which they were before yesterday’s crash—and, in some cases, slightly higher.
Bitcoin was up 13% in the past 24 hours as of 11:15 a.m. ET, according to Coindesk. Ethereum saw gains of 11%. And Doge was up nearly 14%.
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In terms of real dollars, Bitcoin started trading at $42,906 on Tuesday and currently is trading at $42,063. Ether, the cryptocurrency associated with Ethereum, has done slightly better, inching up on $2,948 compared to a Tuesday start of $2,880. And Doge, which started at 39 cents Wednesday, currently stands at 42 cents.
The whiplash-inducing turnaround follows a day of record volume for Ether and Bitcoin. There doesn’t appear to be a single catalyst for the broader turnaround, but it’s mirroring Wall Street, where the [hotlink]Dow[/hotlink] and [hotlink]Nasdaq[/hotlink] are showing notable early gains on Thursday as well.
Dogecoin, though, might once again have Elon Musk to thank for its rally, at least partially. Early Thursday, Musk mentioned the crypto project no one was meant to take seriously in a Tweet.
How much is that Doge in the window? pic.twitter.com/bxTkWOr50V
— Elon Musk (@elonmusk) May 20, 2021
The volatility likely isn’t over for cryptocurrencies. China’s crackdown on digital currency is still in effect and the overall lack of fundamentals will continue to be a concern with corporate investors, even as individual investors continue to buy and hold the tokens.
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This story was originally featured on Fortune.com
