ETH - Why Bitcoin Ethereum and Dogecoin Are Trending Higher Today

2024-02-29 15:05:29 ET

It's been a wild and wacky few days in the cryptocurrency world. Megacap tokens are seeing continued volatility, with Bitcoin (CRYPTO: BTC) , Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) still up materially from yesterday's close (4 p.m. ET). These three tokens rose 2.8%, 3.8%, and 12.9%, respectively, over this time frame, as of 1:45 p.m. ET.

Now, these increases are markedly lower than the previous increases these tokens saw during yesterday's session. Bitcoin, largely viewed as the benchmark for the entire sector, surged to a multiyear high of more than $63,000 per token yesterday, before giving up a good chunk of these gains. Currently, Bitcoin continues to hover around the $60,500 level, still substantially higher than the $45,000 level the token started the year at and the sub-$20,000 level investors saw late last year.

Let's dive into what's driving this positive price momentum among these three megacap tokens today.

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