Ethereum On A Strong Rebound As Bitcoin-Led Crypto Markets Shrug Off China's Umpteenth Ban, Dogecoin Flat

Dogecoin DOGE/USD traded flat on Sunday night but other major cryptocurrencies were on a rebound as the global cryptocurrency market capitalization rose 1.64% to $1.91 trillion.

What Happened: DOGE traded 0.4% lower at $0.20 over 24 hours. The Shiba Inu-themed cryptocurrency has fallen 10.04% for the week.

See Also: How To Buy Dogecoin (DOGE)

Ethereum ETH/USD shot up 7.04% over 24 hours. The second-largest cryptocurrency by market cap has declined 5.64% over a seven-day period.

The apex cryptocurrency, Bitcoin BTC/USD, rose 2.49% to $43,557.07 over 24 hours. Over the last seven days, BTC has fallen 7.26%. 

The biggest 24-hour gainer on Sunday was Uniswap; the coin soared 30.31% to $24.81. For the week, UNI has gained 6.2%.

The token of a popular decentralized trading platform, UNI, gained 25.74% and 19.8% against BTC and ETH respectively. 

Since the year began, UNI has climbed 418.54% in price.

Why It Matters: On Friday, major cryptocurrencies nosedived after China’s central bank, the People’s Bank of China, repeated its warning on virtual assets not being legal tender in the country.

In 24 hours, Bitcoin had stabilized over the $40,000 mark, with multiple analysts brushing off the central bank’s move.

“Each time this happens [China bans cryptocurrencies], the markets react with a price drop, each time the effect is smaller and more short-lived. The ‘China bans bitcoin’ story has gained almost a meme-like status in the bitcoin community because of this,” said Ulrik K. Lykke, executive director at ARK36, a cryptocurrency hedge fund.

“It would seem like a negative thing to have China ban bitcoin and cryptocurrencies, but the market barely cares after the 100th time,” said cryptocurrency entrepreneur Anthony Pompliano, as per CoinDesk.

Cryptocurrency trader Michaël van de Poppe​​​​​​, on Sunday’s rebound, commented that the markets are “bottomed.”. In a separate tweet, he said, “Markets doing fine, great bounce today.”

On the Ethereum side, the rebound was led by institutional investors as the price moved past the $3,000 level, reported Cointelegraph.

On Friday, it was reported that institutional investors are favoring ETH over BTC, as per the analysts at JP Morgan.

Independent analyst PostyXBT said on Twitter that a further upside is anticipated in ETH as the latest declines lead towards a trend that supports accumulation.

Read Next: Dogecoin, Bitcoin, Ethereum See Buying Opportunity After Another China Crackdown

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