Crypto On April 5: Market Turns Green, Doge Hits 2-Month High

The cryptocurrency market turned green Tuesday after dipping a bit a day earlier. Meme token Dogecoin touched a two-month high as soon as the report of Tesla CEO Elon Musk's 9% stake in Twitter surfaced.

The global market cap was up 0.29% at $2.16 trillion as of 3.21 a.m. ET, CoinMarketCap data showed.

Dogecoin became the top mover of the market as it surged 5.40% to $0.1521. Competitor coin Shiba Inu dipped slightly.

Shivam Thakral, CEO of BuyUCoin, believes that the surge was led by Musk's acquisition of a 9.2% stake in Twitter.

"The recent tweet by Elon in support of the German travel site ‘GetYourGuide’ announcing that Dogecoin will be accepted as a mode of payment sparked investor interest in DOGE. The report of Elon Musk’s 9.2% stake in Twitter also came out today, which initiated the bull run in the meme-coin space led by DOGE," Thakral told International Business Times.

Bitcoin surged 1% to $46,598. Ethereum, too, gained 0.58% to $3517.

According to a technical analysis by global crypto exchange OKX, Ethereum continues to show relative strength compared to Bitcoin in recent days. "Moving up from here is expected by some if past performance is any indication."

In other news, Boxing legend Mike Tyson is all set to launch a Mystery Box NFT collection of 15,000 digital collectables through the Binance NFT marketplace. The sale will begin Tuesday at 7 a.m. ET, for a global audience.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.