Bitcoin, Dogecoin and Ethereum Rally, Soaring Around 10%

After a significant drop due to a major sell-off, cryptocurrencies appear to rally this week.

According to data from CoinDesk, bitcoin, ethereum and dogecoin had risen around 10% each over the past 24 hours.

The news site specializing in digital currencies said that bitcoin, ethereum and dogecoin saw an increase of 10%, 7.3% and 11%, respectively, as of 4:45 a.m. ET on Monday.

Bitcoin reached its highest price in six weeks, worth $38,133, while ethereum last traded at $2,330.

Dogecoin, which uses a Shiba Inu dog from the Internet meme “Doge” as a pet, reached about 20 cents per coin, with a market capitalization of $28.8 billion.

The surge came after leading tech companies apparently signaled their support for cryptocurrencies.

Jeffrey Halley, Senior Market Analyst for Asia Pacific at Oanda, said last week’s speculation that “Amazon may be preparing to accept digital currencies as payment” might have influenced the digital currencies’ rally.

Recently, Amazon’s website shared a job posting for a “digital currency and blockchain product lead,” which was widely reported by the media, sparking such rumors.

The job description said the tech giant expected the executive to help its payments team develop new capabilities.

However, Amazon has not responded to requests for comment.

Experts say bullish comments from Tesla (TSLA) and Twitter (TWTR) CEOs Elon Musk and Jack Dorsey also played a role in the rally.

Musk and Dorsey have shared posts on social media explaining how they have incorporated or plan to incorporate cryptocurrencies into their businesses.

Last week, Bitcoin fell below $30,000 amid a digital currency downturn caused by investors’ concern over the Covid-19 Delta variant.

But, according to Oanda Senior Market Analyst Craig Erlam, “Elon rode to the rescue.”

At an event with Dorsey on Wednesday, the world’s third-richest man said that Tesla and SpaceX owned bitcoin (XBT).

Previously, he also revealed that Tesla had bought Bitcoin and that SpaceX would accept dogecoin.

Furthermore, he claimed that his only major personal investments outside his firms were in bitcoin, ethereum, and dogecoin.

Musk is also known for moving the markets with his comments and tweets. Over the weekend, he tweeted a meme that read: “dogecoin is money.”

Meanwhile, Dorsey told investors and analysts that Twitter’s future strategy could incorporate bitcoin.

“There are three trends relevant to Twitter and you, our shareholders: AI, decentralization and the Internet finally having access to a global native currency in bitcoin,” Dorsey said last Thursday.

Also, his other company, Square (SQ), invested millions of dollars in bitcoin before starting an initiative for crypto developers.