The recent GameStop surge may have cooled, but Bitcoin's price is soaring today. The largest cryptocurrency by market cap is trading at its highest level in three weeks, reaching $65,872, according to CoinGecko.
Over the past 24 hours, BTC has increased by 7%, up over 4% in the past month. This rise follows a report from the U.S. Bureau of Labor Statistics showing that although inflation remained high in April, it had slightly decreased.
Additionally, over $100 million flowed into Bitcoin exchange-traded funds (ETFs) yesterday, as reported by Farside Investors. This year, these significant inflows into newly approved investment vehicles have contributed to Bitcoin's price increase.
Read more: How to Buy Gamestop (GME) on Bitrue
Source: Farside
Dogecoin Jumps 7% as Meme Stock Rally Heats Up
Bitcoin isn't the only cryptocurrency seeing gains today. Dogecoin's price has jumped by 7% in the past day, now trading at $0.1556. The original meme coin, favored by Elon Musk, has surged in the wake of this week's meme stock rally.
Source: CoinGecko
Read more: Is WallStreetBets Still Pumping GME?
Traders are capitalizing on the renewed interest in meme-related assets after Roaring Kitty's Twitter account was reactivated on Sunday for the first time in nearly three years. Although it's still being determined if he's truly back, retail traders are enthusiastic, with the Robinhood trading app experiencing its most active trading day in 12 months. Roaring Kitty, whose real name is Keith Gill, gained fame in 2021 for his insights that ignited the first meme stock rally in shares like GameStop (GME) and AMC.
Memestocks Stage a Comeback: Analyzing the Price Impact
This week, meme stocks made a notable comeback, surging by over 200% before dropping again today as traders flocked back to the action. Meme stocks, which gained popularity on web forums like Reddit, made headlines in 2021 when amateur traders pumped them, leading to huge returns and disrupting Wall Street and regulators.
Read more: GameStop (GME) Price Predictions for 2024
Despite Bitcoin's surge this week, it still has a long way to go to reach its all-time high of nearly $74,000 set in March. Currently, the cryptocurrency is trading below its 2021 record of $69,044.
See more: Cryptocurrency Prices and Market Cap
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