Bitcoin Shoots Up 11%: Did Elon Musk-DogeCoin Boost Help?

Bitcoin (BTC) recovered 11% on Thursday, trading at $34,029 at press time.

What Happened: The world’s apex cryptocurrency had crossed the $41,000 mark earlier this month but the rally has since muted, with Bitcoin plunging to below the crucial $30,000 level this week.

Ethereum (ETH) traded 5.6% higher at $1,341.53 at press time. The cryptocurrency too had hit an all-time high last week before retreating.

What’s Impacting The Cryptos? The surge in Bitcoin comes amid a much-higher interest seen in a minor joke cryptocurrency called DogeCoin.

DogeCoin has surged 514% in the 24 hours leading up to press time at $0.05 and is close to joining the top 10 crypto-club, in terms of market capitalization.

Reddit community SatoshiStreetBets’ members are calling for forcing a similar in DogeCoin’s price as fellow community WallStreetBets’ members have done for stocks like GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), BlackBerry Ltd. (NYSE: BB), and Nokia Oyj (NYSE: NOK).

By Yahoo Finance