Ethereum, Dogecoin, and Polygon Post New Gains as Crypto Rebounds CryptoBlog

Major cryptocurrencies staged a small rebound on Friday morning even as further details emerged on the worsening FTX crisis.

Ethereum (ETH), Dogecoin (DOGE) and Polygon (MATIC) were among those that rallied the most in the 24 hours as a bumpy week drew to a close.

FTX founder Sam Bankman-Fried posted long apologies on Twitter on Thursday, unraveling various issues within the company and saying he would be terminating sister entity Alameda Research.

FTX then opened for limited withdrawals, prompting customers to withdraw millions on the exchange. The brief moment of hope gave markets a reprieve after a bloody week.

Prices were also boosted by new inflation figures, which showed that the US consumer price index (CPI) was starting to calm down. The CPI report shows the rate of change in the prices of a basket of consumer goods, ranging from used cars to a carton of milk, and is used as a common benchmark for inflation.

The total value of the crypto market rebounded 4.4% in one day, but was still below the $1 trillion mark it had dipped below earlier this week. The total market is now worth $913 billion, according to CoinGecko.

Ethereum (ETH), the second largest cryptocurrency in the world, had soared 6% in 24-hour value, but was still down 16.5% since last Friday, likely in part due to the collapse of FTX.

Dogecoin (DOGE) saw a similar increase, climbing 4.7% on the day but still trailing 26.8% from last week.

But Polygon (MATIC) posted weekly gains of 13.8% and a whopping 16.3% jump in the past day.

Meanwhile, Bitcoin (BTC) rose 3.7% and was trading at just over $17,379.

Despite the misfortune and gloom of the rest of the market, Polygon had a slew of good news this week, announcing a partnership with Meta’s Instagram which will allow users to create and sell NFTs.

On Thursday, the company also said it develops digital collectibles for Disney employees after participating in the Entertainment Empire Accelerator Program.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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