As a seasoned crypto investor with a knack for spotting market trends, I must say that the recent surge of Bitcoin above $68,000 and the subsequent rally across the cryptocurrency sector has caught my attention. Over the past week, Bitcoin’s 10.6% gain and Ethereum’s 9.9% climb have been particularly noteworthy, with other tokens like Solana (SOL) and Dogecoin (DOGE) also showing promising growth.
On Wednesday, Bitcoin soared past the $68,000 threshold, marking a high not reached since July 29, which in turn ignited a widespread uptrend throughout the digital currency market.
For the past seven days, Bitcoin has experienced a 10.6% increase in value, and Ethereum (ETH) has risen approximately 9.9%. Similarly, other notable cryptocurrencies like Solana (SOL) have climbed by 10.2%, while Dogecoin (DOGE) has surged by an impressive 15%.
On Wednesday, the digital asset-linked stocks continued to surge. For instance, Coinbase, a prominent cryptocurrency exchange, experienced a 7.2% increase, resulting in a three-day win of 19%. This is the highest its stock has been since August. Similarly, Bitcoin miners like Marathon Digital and Riot Platforms reported significant gains as well.
A significant factor propelling Bitcoin’s 60% increase this year is the emergence of new Bitcoin spot exchange-traded funds (ETFs), first launched in January, which have drawn a new influx of investors. Additionally, Ethereum-based ETFs, introduced in July, have added to the market’s momentum. In just the last three days, these ETFs have received $1.2 billion from investors, increasing their total holdings to over $63 billion. The BlackRock’s iShares Bitcoin Trust (IBIT) has been a major player, making up more than 30% of recent ETF purchases.
80% of Investment By The Client Team’s (IBIT) investors are direct investors, with 75% being new to BlackRock Exchange-Traded Funds (ETFs). Samara Cohen, the Chief Investment Officer for ETF and Index Investments at BlackRock, shared this information with CNBC. She noted that they had expected to educate traditional ETF investors about Bitcoin, but instead found themselves explaining the benefits of ETF structure to crypto investors as well.
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2024-10-17 13:14