GameStop's surge may have begun to subside, but bitcoin price It's soaring today. The largest cryptocurrency by market capitalization is currently trading at a three-week high of $65,872, according to CoinGecko.
In the past 24 hours, BTC has increased by 7%. Zooming out further, it's up more than 4% over the past month.
Bitcoin's surge came after a report released Wednesday by the U.S. Bureau of Labor Statistics showed that while inflation remained high in April, it eased slightly.
Meanwhile, more than $100 million flowed into Bitcoin exchange-traded funds (ETFs) yesterday, according to data from Pharcyde Investors. Massive inflows into newly approved investment vehicles have contributed to the rise in coin prices this year.
Bitcoin is not the only coin that is rising today. Dogecoin price has increased by 7% over the past day and is currently trading at $0.1556. The original meme coin and Elon Musk's favorite has soared following a rally in meme stocks this week.
Traders are having fun with all things meme-related after the Roaring Kitty Twitter account was revived on Sunday for the first time in nearly three years, but it's unclear whether it's truly back. It's clear retail traders are into this, with the Robinhood trading app having its biggest trading day in 12 months.
Roaring Kitty (real name Keith Gill) is an investor and YouTuber who made headlines in 2021 for his comments that sparked the first meme stock rally in stocks like GameStop (GME) and AMC.
These meme stocks made a comeback this week, both surging more than 200% before falling again today as traders scrambled to get back into action.
Meme stocks are stocks of companies that have become popular on web forums such as Reddit. They made headlines in 2021 after amateur traders sold them, made huge profits, and caused confusion for Wall Street bigwigs and regulators alike.
Even though Bitcoin has skyrocketed this week. It still has a long way to go before it catches up to its all-time high of about $74,000 set in March.
The coin is trading below the record set in 2021 at $69,044.
Edited by Ryan Ozawa.
