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The prices of Dogecoin, Shiba Inu, and Baby Coin experienced a significant rebound on Wednesday after Bitcoin surpassed $71,000.
This rebound is part of a broader upward wave in the cryptocurrency market, which increased by 4.04%, bringing its total market capitalization to $2.44 trillion. The price of Dogecoin exceeded $0.094, signaling further recovery in the future.
Shiba Inu rose by 5%, while Baby Coin achieved a notable increase of 10%. The market cap of this coin, also known as the "meme coin," is $34.8 billion, up 4.4% over the past 24 hours.
This development is mainly attributed to the easing of geopolitical tensions, achieved through a two-week ceasefire between the United States, Iran, and Israel. The ceasefire helped calm fears of war outbreak, leading to stabilization in global markets. As a result, Bitcoin, Ethereum, and XRP experienced significant gains, which is a positive indicator for the digital currency market๐โค๏ธโค๏ธโค๏ธโค๏ธโค๏ธ