Cryptocurrency (Representational image)
The wild gyrations continued in the cryptocurrency market on May 25 as Bitcoin, the most popular cryptocurrency, shot up to nearly $40,000-mark following a tweet by Tesla founder Elon Musk. Musk tweeted that he had “potentially promising talks" with North American Bitcoin miners on the energy conservation efforts in mining the cryptocurrency.
However, the price retreated later and at the time of writing this report, the crypto was trading at $37,294.98, according to cryptocurrency platform coindesk.com.
The trading website showed that Bitcoin was up by 0.52% in past 24 hours and its market capitalisation stood at $697.99 billion. Bitcoin hit a high of $39,966.88 over the last 24 hour.
Bitcoin jumps 12% as Elon Musk hints change in position on environment impact of Bitcoin mining, asks for ideas to develop Dogecoin
Other cryptocurrencies also gained in the trade. For instance, Ethereum traded at $2,457.71 and grew by 7.12 percent in past 24 hours with the market capitalisation of $285.12 billion.
Silimarly, Dogecoin rose by 3.06 percent in past 24 hours and was trading at $0.336977. Its m-cap reached $43.67 billion, according to Coindesk till the report was filed.
Meanwhile, the most profitable cryptocurrency on Tuesday was Yearn Finance as the virtual currency jumped 18.16 percent to $43,881.81. Its m-cap rose to $1.61 billion.
Earlier in the day, Musk asked his Twitter followers to submit ideas to “develop Doge” (cryptocurrency Dogecoin) on GitHub or the Dogecoin subreddit page on Reddit and tagged the Dogecoin developers account on the platform.
“If you’d like to help develop Doge, please submit ideas on GitHub & http://reddit.com/r/dogecoin/ @dogecoin_devs,” he tweeted.
GitHub, controlled by Microsoft, provides hosting for software and version control development, and is usually used to host open source projects.
Earlier on May 12, the Tesla founder had said that Tesla would no longer accept Bitcoin due to its consumption of fossil fuels during the mining process.