Dogecoin (CRYPTO: DOGE) is trading higher by 14% to $0.22 Thursday evening. Shares of several altcoins gained during Thursday's session amid strength in Bitcoin (CRYPTO: BTC) as the apex crypto trades past the $70,000-level.
Alongside Bitcoin's strength, Elon Musk's payment company gaining licenses in three additional states has boosted optimism within the Dogecoin community. As a result, Dogecoin surged by 15% within 24 hours, accompanied by a doubling in trading volume. Its market capitalization has exceeded $30 billion for the first time in over two years.
Bitcoin has in large part rallied in recent weeks due to rising demand after spot bitcoin ETFs were approved in January. However, these ETFs saw significant outflows last week, leading to a sell-off in crypto-related stocks. The market then rebounded after the Federal Reserve made dovish remarks.
Dogecoin Spikes 15% Ahead Of Doge Day, As Whale Transactions Surge
What's Going On With Crypto?
On March 27, Bitcoin spot ETFs saw a significant influx of $243 million in investments. This coincides with preparations for the Benzinga Future of Digital Assets conference on Nov. 19. BlackRock's iShares Bitcoin Trust experienced a notable single-day inflow of $323 million, reflecting increasing confidence in Bitcoin.
This follows BlackRock CEO Larry Fink's positive outlook on Bitcoin, hinting at a changing attitude towards cryptocurrencies in traditional finance...Read More