Bitcoin and other cryptocurrencies rose on Monday, pushing the largest digital asset to an all-time high as investors poured into Spot Bitcoin exchange-traded funds, pushing up crypto prices.
The price of Bitcoin rose 3% in the past 24 hours to about $71,550, with the largest cryptocurrency transaction reaching an all-time high of $72,269, according to Dow Jones Market Data. Bitcoin last week topped a long-standing record level around $69,000 that it had held since November 2021, and despite some initial profit-taking…
Bitcoin
Other cryptocurrencies also rose on Monday, with the largest digital asset hitting a record high as investors continued to flock to Spot Bitcoin exchange-traded funds, pushing up the cryptocurrency's price.
The price of Bitcoin rose 3% in the past 24 hours to about $71,550, with the largest cryptocurrency transaction reaching an all-time high of $72,269, according to Dow Jones Market Data. Bitcoin last week broke through the long-standing record level of around $69,000, which it had held since November 2021, and despite some initial profit-taking, traders continued to bid up the price. There is.
“Once you hit $70,000, the next logical target is $100,000,” said Sameer Karbage, chief investment officer at crypto asset management firm Hashdex.
Stock market jubilation—where
S&P500
and
Nasdaq
The index remains near record levels, with improvements in broader risk sentiment contributing to the crypto rally. However, the main driver of the price increase is new funds holding cryptocurrencies.
Bitcoin has gained nearly two-thirds since the start of the year, spurring a new wave of investor interest in the digital asset, on the back of excitement and approval for the first spot Bitcoin ETF in the US.black rock
's
The iShares Bitcoin ETF reached $10 billion in assets under management faster than any other ETF in history, and these Flows into the fund have a direct impact on prices.
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“Spot ETFs fundamentally change the supply and demand dynamics of Bitcoin, and as spot ETFs directly hold Bitcoin, there will be significant buying pressure as large investor inflows continue to exceed the current daily issuance rate.” is occurring,” Carbage said.
Beyond Bitcoin
ether
The second-largest cryptocurrency rose 1% to above $4,000, surpassing that milestone level for the first time since late 2021. Small tokens also rose,
cardano
and
polygon
Both rose by 1%. Meme coins were even more mixed.
dogecoin
Earn a profit of 1%
Shiba Inu
1% off.
Email Jack Denton at jack.denton@barrons.com.
