(GBTC), (AMC) – 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).

Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk provided a boost to DogeCoin with one of his signature meme-tweets.

Bitcoin typically dictates the wider price movements for the cryptocurrency market, with its overwhelming 63.5% dominance of the market capitalization. It is, however, possible that the apex cryptocurrency is benefitting from the spillover effects of Musk fueling the DogeCoin rally.

Over the week, DogeCoin isn’t the only cryptocurrency to outperform Bitcoin, with decentralized finance, or DeFi, coins similarly hitting all-time highs.

Ethereum too got a boost from Reddit announcing a partnership with Ethereum Foundation, a non-profit organization backing the cryptocurrency and the namesake blockchain platform.

SkyBridge Capital’s Anthony Scaramucci said earlier this week that he saw the Reddit-driven GameStop rally as a positive backdrop for Bitcoin.

Photo courtesy: JD Lasica via Flickr

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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