Bitcoin Hits 2-Month High, Dogecoin Struggles To Break Out — These Altcoins Are Striking Biggest Gains

Bitcoin BTC/USD has reached the levels not seen since May, trading 5% higher over 24 hours at $41,934.18.

What’s Moving: The apex cryptocurrency reached as high as $42,235.55 an hour before press time. It is up 25% for the week.

Ethereum ETH/USD is trading 2.1% higher over 24 hours at $2.450.52 and is up 16% for the week.

See Also: How To Buy Ethereum (ETH)

Dogecoin DOGE/USD is still struggling to break much further past the 20-cent level, trading 1.3% higher at $0.2084 at press time.

The apex of all meme cryptocurrencies is 3.1% against Bitcoin and 0.8% against Ethereum over 24 hours.

See Also: Bitcoin Bull Kevin O'Leary Of 'Shark Tank' Fame Says This Is Why He Would Never Invest In Dogecoin

Dogecoin is up 8.6% over a seven-day period against the U.S. dollar.

Among the biggest gainers over 24 hours are Flow FLOW/USD, Neo NEO/USD, Bitcoin Gold BTG/USD, and Helium HNT/USD.

Flow is up 32.5%, Neo is up 20.8%, Bitcoin Gold is trading 15.76% higher, and Helium has added 15.5%.

Why’s It Moving: FundStrat strategist David Grider noted in his newsletter that the latest surge in Bitcoin has come as a $1 billion short squeeze got triggered by the "market having lower liquidity during the summer," CoinDesk reported.

Chinese traders are also likely piling up on Bitcoin despite regulatory crackdown in the country as a hedge against the falling Asian equity markets, as per Grider.

Meanwhile, according to Glassnode, Bitcoin has seen a resurgence in the number of Active Entities over the past week.On the news front, hedge fund GoldenTree Asset Management has added Bitcoin to its balance sheet, as per a Friday report from The Street.

Read Next: US Traders Are Bypassing Ban On Offshore Exchanges To Make Risky Leveraged Bets On Dogecoin, Bitcoin: Research

Posted In: BitcoinBitcoin GoldBlockchaindogecoinEthereumFlowGoldenTree Asset ManagementMeme CoinsNEOShort SqueezeCryptocurrencyMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.