Cryptocurrency Market Cap Recovers to $2 Trillion... Dogecoin Surges with Musk's Support

[Asia Economy New York=Correspondent Baek Jong-min] The market capitalization of cryptocurrencies has recovered to $2 trillion. Following Bitcoin reaching the $48,000 range, Dogecoin also surpassed 30 cents, buoyed by the support of Elon Musk and Mark Cuban.

Tesla CEO Elon Musk left a supportive comment on an article in which Mark Cuban expressed his support for Dogecoin.

On the 16th (local time), CNBC cited data from CoinMarketCap, reporting that the total market capitalization of cryptocurrencies surpassed $2 trillion for the first time in three months.

This is attributed to the strong performance of the cryptocurrency market, with Bitcoin reaching $48,126 on the 14th. Bitcoin's price marked its highest level since May 17.

As of 11 a.m. that day, Bitcoin was trading at $46,150 after some correction. Although Bitcoin's price decline caused the total cryptocurrency market capitalization to drop to $1.99 trillion, it remains at a level where it can recover to $2 trillion at any time.

The news that the total cryptocurrency market capitalization has recovered to $2 trillion while Bitcoin aims to surpass $50,000 is seen as a sign of the 'warmth' spreading throughout the market.

Dogecoin's strength is also notable. On that day, Dogecoin was trading at 32.7 cents, up 9.4%. Its weekly increase reached 40%.

The strength of Dogecoin is influenced by the support of Tesla CEO Elon Musk and billionaire investor Mark Cuban, owner of the Dallas Mavericks.

In an interview with CNBC, Cuban stated, "Dogecoin is a powerful payment method." Earlier, the Mavericks announced that they would offer special prices when purchasing team merchandise using Dogecoin.

Musk welcomed Cuban's statement by commenting that he agrees, earning warm support from Dogecoin advocates.