We studied the influence of AC current flowing through microwires, on magnetization dynamics. We used a previously developed Sixtus-Tonks modified setup to evaluate the domain wall (DW) velocity within the microwire. However, instead of a magnetizing solenoid, we used a current flowing through the microwire. We observed that the AC current flowing through the annealed Co-rich microwire leads to remagnetization by fast domain wall propagation. The estimated DW velocity was approximately 4.5 km/s, which is similar to and even higher than that reported for the magnetic-field-driven domain wall propagation in Fe- and Co-rich microwires. We measured the DW velocity under tensile stress, and found that the DW velocity decreases under applied stress. An observed DW propagation induced by the current flowing through the microwire is explained considering the influence of an Oersted magnetic field on the outer domain shell. This field has a circular easy magnetization direction and magnetostatic interaction between the outer circumferentially magnetized shell and the inner axially magnetized core.