Bitcoin jumps over 10% to surge past $24,000, highest since August

Bitcoin is the world's biggest cryptocurrency (Representative image: Reuters)

A rally is being seen in the cryptocurrency market, with Bitcoin leading the charts with a surge of over 10 percent in its value this week. The price of Bitcoin has soared past $24,000, which is the highest since August last year.

At the time of writing this report, Bitcoin was valued at $24,620, adding more than $2,000 in the past two days.

Bitcoin, which is the world's biggest and best-known cryptocurrency, was up over 46 percent from the year's low of $16,496 on January 1.

Ether, the coin linked to the ethereum blockchain network, rose 6.91 percent to $1,664.1 on February 15, adding $107.5 to its previous close.

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Meanwhile, a picture tweeted by Twitter boss Elon Musk, which showed a dog seated as the company's chief executive offer, boosted prices of dog-themed cryptocurrencies on February 15.

Musk, the billionaire CEO of Tesla and SpaceX, is known for moving the crypto market with his tweets.

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH

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— Elon Musk (@elonmusk) February 15, 2023

Dog-themed cryptocurrencies such as Dogecoin, Floki, and Shiba Inu witnessed significant gains shortly after Musk tweeted the photo of his dog in a Silicon Valley-style black turtleneck sitting behind a desk, stating, “The new CEO of Twitter is amazing.”

Dogecoin, created as a joke, jumped more than 5 percent in approximately 15 minutes, and its market cap increased by almost $500 million, reaching more than $11.5 billion.

Floki, a meme coin initially named after Elon Musk's dog, also rose precipitously, with its total market cap soaring by half, and an individual token increasing by almost 50 percent in about an hour.