Bitcoin and other cryptocurrencies were little changed on Monday, with the exception of Ether, the second-largest digital asset, which continues its recent outperformance.
Bitcoin price fell 1% in the past 24 hours to $51,100, and has recently traded above $51,800. The largest cryptocurrency is nearing recent highs near $52,800 (its highest level since late 2021), but the Dow Jones Industrial Average and S&P 500 remain at record levels, weighing down overall market risk sentiment. While market sentiment remains positive, it did not rise…
Bitcoin
And other cryptocurrencies were little changed on Monday, with notable exceptions.
ether
It is the second largest digital asset and has continued to outperform recently.
Bitcoin price fell 1% in the past 24 hours to $51,100, and has recently traded above $51,800. The largest cryptocurrency is nearing recent highs near $52,800 (its highest level since late 2021), but gains remain capped while broader market risk sentiment remains positive. It didn't work out.
Dow Jones Industrial Average
and
S&P500
It has reached record levels. Bitcoin is still more than doubling in six months, driven largely by optimism surrounding the approval of a spot Bitcoin exchange-traded fund (ETF), which crypto bulls are pinning down. We hope to bring a new wave of investor interest.
“Altcoins are once again driving growth,” said Alex Kupczykevich, an analyst at broker FxPro. “Bitcoin and Ethereum are the cryptocurrencies of choice for institutional investors. Their current trades are clearly betting on the approval of the Ether spot ETF. We are carefully securing a profit on our coins.”
In fact, while Bitcoin has fallen, Ether has outperformed recently, gaining more than 35% in one month compared to Bitcoin's 20% rise over the same period. Although there are signs that traders are speculating about the possible approval of the Ether ETF, risk sentiment in digital assets may leak into small-cap tokens and altcoins in general, which is often associated with cryptocurrencies. This is a sign that the bull market is expanding.
Ether rose 2% to nearly $3,200. Altcoins were mixed.
cardano
2% decrease,
polygon
1% increase.Both meme coins were weak
dogecoin
and
Shiba Inu
1% drop.
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Email Jack Denton at jack.denton@barrons.com.
