Bitcoin Hits 2-Month High, Dogecoin Struggles To Break Out — These Altcoins Are Striking Biggest Gains
Bitcoin (CRYPTO: BTC) 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 (CRYPTO: ETH) 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 (CRYPTO: DOGE) 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.
Dogecoin is up 8.6% over a seven-day period against the U.S. dollar.
Among the biggest gainers over 24 hours are Flow (CRYPTO: FLOW), Neo (CRYPTO: NEO), Bitcoin Gold (CRYPTO: BTG), and Helium (CRYPTO: HNT).
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.
#Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day.
This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020.
— glassnode (@glassnode) July 30, 2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.