As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent surge in Bitcoin (BTC) and Dogecoin (DOGE) prices has been nothing short of remarkable. Having closely followed the cryptocurrency market since its inception, I’ve seen my fair share of ups and downs, but this latest rally is truly something to behold.
The co-creator of Dogecoin, known as “Shibetoshi Nakamoto” on a certain platform, has voiced his response to the current increase in the values of Bitcoin (BTC) and Dogecoin (DOGE).
Previously, Markus jokingly forecasted that Bitcoin could soar to $69,420 and Dogecoin might touch $0.16942. He humorously emphasized that memes hold significant value.
Currently, as cryptocurrencies are hitting record highs, Markus playfully reiterated his earlier sentiment: “Apparently, Bitcoin and Dogecoin decided to follow the prophecy, regardless.
well, bitcoin and doge listened to the prophecy, anyway 🤣
— Shibetoshi Nakamoto (@BillyM2k) November 5, 2024
In his latest tweet, Markus expressed that today is an exceptional day for cryptocurrencies, as he noticed a significant surge in the market. This upward trend led Bitcoin to reach a new peak and multiple other digital currencies to experience substantial growth.
On Wednesdays early hours, Dogecoin saw an increase exceeding 22%, fueled by a surge in meme coins. This upturn happened when Bitcoin hit a record high of $75,000. It’s worth noting that meme coins and AI-related cryptocurrencies are currently performing better than the overall crypto market. The performance of these digital assets within the broader cryptocurrency sector can indicate retail investors’ risk tolerance levels.
Currently, DOGEcoin is soaring, having gained a remarkable 18% in just the past 24 hours and an impressive 17% over the last week. This significant rise has led to around $30.5 million worth of short positions being liquidated in the futures market within the same period, indicating that some of the upward momentum might be due to traders covering their losing bets. Over the past month, DOGEcoin’s value has climbed approximately 75%, making it the standout performer among major cryptocurrencies.
Bitcoin hits new ATH
Bitcoin rebounded overnight, reaching an all-time high. The largest digital asset increased by as much as 10% to $75,410. Though it had slightly erased part of these gains, it was last up 7.15% at $73,553.
Previously, Bitcoin hit its peak of $73,797.68 on March 14, as investors were stimulated by increased investments into U.S. Bitcoin ETFs. For most of the year prior to this surge, Bitcoin’s trading had been restricted below the $70,000 mark.
1) In 2024, Bitcoin (BTC) has surged by an impressive 75%, outshining both stocks and gold. Since their launch at the start of the year, U.S.-based Bitcoin Exchange-Traded Funds (ETFs), such as those offered by BlackRock Inc. and Fidelity Investments, have amassed a staggering $23.5 billion in net inflows, making them some of the most successful ETF debuts ever recorded.
In the past day, besides cryptocurrencies, U.S. stock index futures, the U.S. dollar, and Treasury bond yields have all experienced significant increases.
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2024-11-06 14:17