Why Bitcoin, Ethereum, and Dogecoin Go up Today

https://www.fool.com/investing/2021/11/29/why-bitcoin-ethereum-and-dogecoin-surged-today/

The price of Bitcoin ( BTC -1.57% ) was shooting up on Monday, as some renowned investors "bought the dip" over the weekend. As of 4 p.m. ET, Bitcoin was up 6% over the previous 24 hours, with accordance to CoinDesk. Regularly, other popular cryptocurrencies like Ethereum ( ETH 0.20% ) and Dogecoin ( DOGE 1.58% ) were trading high up also, up 7% and 8% each.

Bitcoin buyers over the weekend inclusive of a technology company named after MicroStrategy ( MSTR 4.90% ) and also a country: El Salvador. It appears that the market trusts lots of retail investors bought the dip subsequently, with consideration of shares of cryptocurrency trading platform Coinbase Global ( COIN 5.34% ) also grow up to 5% by today.

In accordance to a filing with the Securities and Exchange Commission (SEC) by today, MicroStrategy has bought 7,002 bitcoins in lately weeks. The buy came between Oct. 1 and Nov. 29, costing over $414 million in total. With these 7,002 new bitcoins, the company now holds an astonishing of 121,044 bitcoins at an average price of $29,534 each. 

Investors may have debate that MicroStrategy would be more greater served spending its cash to grow its business. But it's complicated to debate with the outcome up to date. The company has used $3.57 billion, yes. But those digital assets are worth over $7 billion as per this article. This growth come together to over $3 billion, which is larger than MicroStrategy's entire market capitalization prior to purchasing its first bitcoins last year.



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