Bitcoin surged above US$97,000 on Wednesday, signaling renewed investor optimism after a brief dip earlier this week. The leading cryptocurrency reached US$97,360 before easing slightly to US$96,320, according to CoinGecko. This marks a 5% increase over the past 24 hours, reviving momentum after narrowly missing the US$100,000 milestone last week. Despite retreating from its all-time high of US$99,645, Bitcoin remains in a strong position.
Ethereum also made headlines, climbing to a five-month high of US$3,647 before settling at US$3,625—a 9% increase in just one day. While the second-largest cryptocurrency still trails its 2021 peak of US$4,878 by 25%, renewed capital inflows suggest growing confidence in its prospects.
Dogecoin, known for its meme-based origins and ties to Elon Musk, is also on the rise. The cryptocurrency jumped nearly 5%, reaching US$0.40 after dipping below US$0.37 on Tuesday.
Speculation around Musk’s involvement with the coin intensified following his recent campaign appearances supporting President-elect Donald Trump. Musk’s upcoming role in Trump’s administration as co-leader of the Department of Government Efficiency (D.O.G.E.) has further fueled excitement, driving Dogecoin to a three-year high last weekend.
Overall, the crypto market has experienced a 5% upswing in the past day, with its total market capitalization nearing US$3.5 trillion. This rally highlights a broader recovery and renewed enthusiasm for digital assets.
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