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In summary
- Bitcoin rose to $97,360, regaining investor optimism after a drop earlier in the week, with a 5% rise in 24 hours.
- Ethereum hit its five-month high at $3,647, rising 9%, but still needs 25% more to surpass its 2021 all-time high.
- Dogecoin rose nearly 5%, benefiting from Elon Musk’s backing and hitting a three-year high price.
Bitcoin rose back above $97,000, suggesting renewed investor optimism around the coin after falling earlier this week.
The leading Cryptocurrency reached $97,360 early Wednesday, but has since dropped and is now trading for $96,320, according to data from CoinGecko.
The coin was close to $100,000 last week, but stopped, eventually reaching a new all-time high of $99,645. In a 24-hour period, Bitcoin is up more than 5%.
However, Bitcoin is not the only digital asset that is rising: The price of Ethereum has reached a five-month high of $3,647. The second largest coin is now priced at $3,625 after rising 9% in the last day.
Ethereum had been struggling to make the same strides as Bitcoin, but money is now flowing back into the space. Still, the coin has to rise another 25% before surpassing its 2021 all-time high of $4,878.
And Dogecoin has also increased in price. Elon Musk’s favorite cryptocurrency is up almost 5% and is priced slightly above $0.40, after falling below the $0.37 mark on Tuesday.
The memecoin is seeing a surge after the Tesla CEO began talking about it again in recent weeks, while endorsing President-elect Donald Trump during his presidential campaign. Musk will soon begin a role in the Trump administration co-leading a government agency called DOGE—Department of Government Efficiency—which has led speculators to bet even bigger on the coin, which hit a three-year high price on Thursday. from last week.
Overall, the cryptocurrency market is up almost 5% in the last day, with a collective market cap of almost $3.5 trillion.
Edited by Andrew Hayward
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