ETH - Why Bitcoin Ethereum and Dogecoin Surged Higher This Weekend
2023-12-04 14:40:37 ET
What a weekend it has been in the crypto world. Three of the world's largest cryptocurrencies, Bitcoin (CRYPTO: BTC) , Ethereum (CRYPTO: ETH) , and Dogecoin (CRYPTO: DOGE) , have seen impressive rallies, with a few key psychological thresholds broken through. As of noon ET, these three tokens are up 5.8%, 6.4% and 6.4%, respectively, since Friday at 4 p.m. ET.
Given the rapidly changing economic backdrop and volatility we've seen in everything from bond yields (discount rates) to alternative asset prices, it's wroth diving into what's catalyzing these moves today.
Bitcoin's rally to more than $42,000 per token in early trading this morning represented the largest level the megacap cryptocurrency has seen since early 2022. Interestingly, this move in Bitcoin has been correlated to a surge in the price of spot gold, which recently broke through a record high of $2,100 earlier today, as investors appear to be increasing their bets that inflation could pick up.
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Why Bitcoin, Ethereum and Dogecoin Surged Higher This Weekend