Bitcoin and Dogecoin recover while Ethereum hits 5 month high

Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:BTC), and Dogecoin (CRYPTO:DOGE) have experienced a significant price rebound ahead of Thanksgiving after dipping earlier this week.

Bitcoin has surged back above $97,000, signaling renewed investor confidence following a brief downturn.

The leading cryptocurrency reached $97,360 on Wednesday before retreating slightly to $96,320, according to CoinGecko data.

Despite stopping short of the $100,000 milestone last week, Bitcoin still achieved a new all-time high of $99,645, and it is now up by more than 5% over the past 24 hours.

Ethereum (CRYPTO:ETH) has also seen strong gains, hitting a five-month high of $3,647 and currently trading at $3,625, marking a 9% increase in the last day.

While Ethereum still trails its 2021 all-time high of $4,878, the recent surge indicates renewed interest in the asset, with a further 25% climb needed to surpass its record.

Dogecoin is also making waves, rising nearly 5% to trade at just over $0.40, after dipping below $0.37 on Tuesday.

The meme coin's momentum has been fueled by renewed public attention from Elon Musk, who has been promoting Dogecoin on the campaign trail while supporting President-elect Donald Trump.

Musk’s involvement in Trump’s upcoming administration, where he is set to co-lead a new agency named D.O.G.E. (Department of Government Efficiency), has bolstered speculative interest in the cryptocurrency.

Dogecoin hit a three-year high price last weekend, and Musk's public endorsements continue to drive bullish sentiment.

The broader crypto market has rebounded alongside these assets, with a collective market cap nearing $3.5 trillion, up almost 5% over the last 24 hours.

This resurgence highlights the market's resilience and investor optimism as major cryptocurrencies regain their footing after a temporary slump.

At the time of reporting, Bitcoin price was $96,278.45.