Bitcoin and Dogecoin Rise Amid a Cool Down in GameStop Mania

As the excitement around meme stocks such as GameStop begins to wane, established cryptocurrencies like Bitcoin and Dogecoin are experiencing a resurgence in value. Bitcoin, the leading cryptocurrency by market capitalization, has reached a three-week high, with its price peaking at $65,872, as reported by CoinGecko. In a timeframe of 24 hours, Bitcoin has seen a 7% increase, and when observing the last month, it's up by more than 4%.

The recent boost in Bitcoin's value comes on the heels of a U.S. Bureau of Labor Statistics report that indicates a slight cooling of inflation rates in April. Contributing to this positive price action, exchange-traded funds (ETFs) centered around Bitcoin saw an influx of over $100 million as per Farside Investors' data. The introduction and growth of Bitcoin ETFs have been a significant factor for the cryptocurrency's price movements this year.

Bitcoin isn't the only digital asset enjoying positive momentum. Dogecoin, the cryptocurrency often associated with internet memes and backed by personalities like Elon Musk, has jumped 7% in a single day, with a new trading price of $0.1556. This surge aligns with a broader fascination with meme-driven investments, underscored by the resurgence of the Roaring Kitty Twitter account, an influential figure in last year's meme stock phenomenon.

Amidst the return of interest in meme stocks, platforms such as Robinhood experienced a spike in trading activity, marking their busiest day in a year. Keith Gill, known as Roaring Kitty, played a pivotal role in the dramatic rallies of GameStop (GME) and AMC shares in 2021 by publicizing his investment positions on social media and YouTube, leading to a wave of retail investor involvement.

This week, GameStop and other meme stocks briefly captured the market's attention again, with sharp increases followed by a downturn. Meme stocks, often picked up and hyped by online communities like Reddit, have gained notoriety for their volatile trading patterns and the disruption they've caused to traditional investors and regulators.

Despite the recent upswing, Bitcoin still trails its historical peak of nearly $74,000 set in March, as well as the all-time high of $69,044 reached in November 2021. The path forward for these established cryptocurrencies remains uncertain, as they continue to oscillate in value.

Bitcoin, Dogecoin, GameStop