Bitcoin (BTC) is rebounding on Wednesday after falling below $47,000 earlier in the week.
Altcoins also went on the offensive today after a prolonged correction.
The most successful of the top ten digital currencies was Dogecoin (DOGE), which soared 13% to $ 0.182 in a day. This altcoin is adding in value after Elon Musk announced that his Tesla company plans to accept DOGE as a payment instrument.
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Ether (ETH) and Binance Coin (BNB) strengthened to $ 3,877 and $ 530.99, respectively. Capitalization rose to $ 2.203 trillion.
The president of Strategic Wealth Partners, Mark Tepper, said that the fall in BTC is a time to buy. The growing interest in digital currencies is the result of the coronavirus pandemic. There are many other factors, but COVID-19 is the key one.
In addition to Bitcoin, the analyst pointed to the huge potential of ether and Polkadot. These assets are based on blockchains used to deploy applications, which automatically stimulates the flow of new users and potential investors.