Bitcoin gaining stability after a wild May, Dogecoin soars

No doubt, the cryptocurrency market this June is recovering from the volatile correction of last month. Almost all digital coins were trading in the green, led by Polkadot and Dogecoin, both rising as much as 15 percent.

Bitcoin 2021 conferences will begin in Miami on Thursday and investors are looking forward to it, as bitcoin-related conferences seem to have a possible positive effect on the price movement (an unproven theory).

Beginning its soaring movement, Dogecoin rallied more than 20% on Wednesday morning following news it would soon be added to one of the world’s largest cryptocurrency exchanges and encouragement from billionaire enthusiast Elon Musk on Twitter, gaining nearly $10 billion in market cap but leaving it a long way off the all-time high it reached ahead of Musk’s SNL appearance in early May.

READ ALSO: CRYPTOCURRENCY: Doge and Shiba Inu, why you should invest in them

Found this pic of me as a child pic.twitter.com/hUEKluRAdP

— Elon Musk (@elonmusk) June 2, 2021

The price of bitcoin continues to trade within a very narrow band on Wednesday, having enjoyed a remarkable period of stability since the weekend.

This calm has extended across much of the crypto market, with other leading cryptocurrencies like Ethereum (ether), Cardano (ADA), and bitcoin cash moving by less than 2 percent over the last 24 hours.

Dogecoin has been the one notable exception, shooting up by around 10 percent after popular crypto exchange Coinbase added the meme-based asset to its professional trading platform.