Cardano and Dogecoin Lead Recovery as Crypto Market Recovers $44 Billion

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The cryptocurrency market is seeing some relief today after a tough start to the month.

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

Two projects in particular, Cardano and Dogecoin, 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 coin created as a joke by Billy Markus and Jackson Palmer in 2013.

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

The market is facing a bout of volatility in response to January’s Consumer Price Index report, which showed inflation rose 0.5% last month, slightly higher than expected.

As investors ponder the implications the latest CPI report will have on the US Federal Reserve’s plans to hike interest rates, the Cardano and Dogecoin communities seem more concerned about tech upgrades and tweets by Elon Musk.

Cardanos Valentine Update and New Twitter CEO

Yesterday, the Cardano blockchain received a Valentine’s Day update, which started the rally of its native coin, ADA.

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

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

So much better than that other guy! Musk said.

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