Bitcoin Hits 2-Month High, Dogecoin Struggles To Break Out — These Altcoins Are Striking Biggest Gains

Bitcoin BTC/USD has reached the levels not seen since May, trading 5% higher over 24 hours at $41,934.18.

What’s Moving: The apex cryptocurrency reached as high as $42,235.55 an hour before press time. It is up 25% for the week.

Ethereum ETH/USD is trading 2.1% higher over 24 hours at $2.450.52 and is up 16% for the week.

See Also: How To Buy Ethereum (ETH)

Dogecoin DOGE/USD is still struggling to break much further past the 20-cent level, trading 1.3% higher at $0.2084 at press time.

The apex of all meme cryptocurrencies is 3.1% against Bitcoin and 0.8% against Ethereum over 24 hours.

See Also: Bitcoin Bull Kevin O'Leary Of 'Shark Tank' Fame Says This Is Why He Would Never Invest In Dogecoin

Dogecoin is up 8.6% over a seven-day period against the U.S. dollar.

Among the biggest gainers over 24 hours are Flow FLOW/USD, Neo NEO/USD, Bitcoin Gold BTG/USD, and Helium HNT/USD.

Flow is up 32.5%, Neo is up 20.8%, Bitcoin Gold is trading 15.76% higher, and Helium has added 15.5%.

Why’s It Moving: FundStrat strategist David Grider noted in his newsletter that the latest surge in Bitcoin has come as a $1 billion short squeeze got triggered by the "market having lower liquidity during the summer," CoinDesk reported.

Chinese traders are also likely piling up on Bitcoin despite regulatory crackdown in the country as a hedge against the falling Asian equity markets, as per Grider.

Meanwhile, according to Glassnode, Bitcoin has seen a resurgence in the number of Active Entities over the past week.On the news front, hedge fund GoldenTree Asset Management has added Bitcoin to its balance sheet, as per a Friday report from The Street.

Read Next: US Traders Are Bypassing Ban On Offshore Exchanges To Make Risky Leveraged Bets On Dogecoin, Bitcoin: Research