Why Have Bitcoin, Ethereum, and Dogecoin Increased in Value This Week?

This week’s value of major coins climbed.

Investors in Cryptoland received some positive news this week. Bitcoin increased by 15%, Ethereum by 8%, while other currencies increased by 266 percent, such as the Dogecoin offshoot Shiba Inu (SHIB) coin.

Bitcoin (BTC) had been steadily increasing for over a week. The currency began its rapid climb higher from lows of $41,211 on September 29, far before the current week began. It had hit $47,355 by Monday, but the currency was only getting started.

It had raced past $50,000 by Wednesday, bringing the total to $51,473. Then, thanks to a lot of leveraged trading, it reached its current price of $55,167. “The market has a lot more leverage than it had last year.” In a Telegram channel, Singaporean crypto prop firm QCP Capital stated, “Open Interest (OI) has more than tripled.”

Bitcoin’s market capitalization has now surpassed the combined market capitalizations of JPMorgan and Bank of America, reaching $1 trillion. Institutional interest in Bitcoin is rising, according to Itay Tuchman, Citi’s global head of foreign currency. “As everyone who works in crypto knows, you start with Bitcoin and rapidly find yourself down the rabbit hole,” he remarked this week.