While the GameStop frenzy appears to be calming down, Bitcoin's price is experiencing a significant surge today. The largest cryptocurrency by market capitalization is now at its highest level in three weeks, reaching $65,872, as reported by CoinGecko.
In the past 24 hours alone, BTC has seen a rise of 7%, and looking at the broader picture, it's up by over 4% in the past month.
This surge in Bitcoin's price follows a Wednesday report from the U.S. Bureau of Labor Statistics, indicating that although inflation remained high in April, there was a slight easing.
Yesterday, over $100 million flowed into Bitcoin exchange-traded funds (ETFs), according to data from Farside Investors.
These substantial inflows into the newly approved investment vehicles have contributed to driving up the coin's price this year.
Bitcoin isn't the only cryptocurrency experiencing gains today; Dogecoin's price has also surged by 7% in the past day, now trading at $0.1556. The original meme coin, often championed by Elon Musk, has seen a rise following this week's meme stock rally.
Traders are embracing all things meme-related, particularly after the return of the Twitter account for Roaring Kitty on Sunday after nearly three years of dormancy—though it's uncertain if it's genuinely him. Retail traders are evidently enthusiastic, with the Robinhood trading app witnessing its busiest day in 12 months.
Roaring Kitty, also known as Keith Gill, gained notoriety in 2021 for his statements that contributed to the initial meme stock rally involving shares like GameStop (GME) and AMC.
This week, those meme stocks staged a comeback, surging by over 200% before declining again today as traders sought to rejoin the action.
Meme stocks refer to shares of companies that gained popularity on online forums like Reddit. They made significant headlines in 2021 as amateur traders pumped them, resulting in substantial returns and causing upheaval for Wall Street professionals and regulators alike.
Despite Bitcoin's surge this week, it still has a considerable distance to cover to reach its all-time high of nearly $74,000 set in March. Additionally, the coin is trading below its record of $69,044 reached in 2021.
May 2024, Cryptoniteuae