Bitcoin and other cryptocurrencies rose on Monday, with the largest digital assets hitting a record high as investors continued to pile into Bitcoin exchange-traded funds and pushed cryptocurrency prices higher.
Bitcoin's price rose 3% over the past 24 hours to about $71,550, with the cryptocurrency's largest trade reaching $72,269, an all-time high, according to Dow Jones Market Data. Bitcoin last week broke its long-term record level near $69,000 – which has held since November 2021 – and despite some initial profit-taking,…
Bitcoin
Other cryptocurrencies rose on Monday, with the largest digital assets hitting a record high as investors continued to pile into spot Bitcoin exchange-traded funds and pushed cryptocurrency prices higher.
Bitcoin's price rose 3% over the past 24 hours to about $71,550, with the cryptocurrency's largest trade reaching $72,269, an all-time high, according to Dow Jones Market Data. Bitcoin last week broke its long-term record level near $69,000 — which has held since November 2021 — and despite some initial profit-taking, traders have continued to push prices higher.
“After breaking $70,000, the next natural target is $100,000,” said Samir Kerbaj, chief investment officer at crypto asset management company Hashdex.
Jubilation in the stock market – where
Standard & Poor's 500
And
Nasdaq
Indices remain near record levels – and improving broader risk sentiment has helped cryptocurrencies rally. But the main force that pushed prices higher were new funds containing cryptocurrencies.
Bitcoin has gained about two-thirds since the beginning of the year amid anticipation and approval of the first bitcoin ETFs in the United States, which heralded a new wave of investor interest in the digital asset. Black stone
's
The iShares Bitcoin ETF has reached $10 billion in assets under management faster than any other ETF in history, with inflows into these funds having a direct impact on prices because the ETFs buy and hold the tokens themselves, not just the derivatives that track the prices.
Advertisement – Scroll to continue
“Spot ETFs have fundamentally changed the supply and demand dynamics of Bitcoin, and because they directly hold Bitcoin, significant buying pressure has emerged as massive investor inflows continue to exceed the current daily issuance rate,” Kerbage said.
Beyond Bitcoin,
ether
The second-largest cryptocurrency rose 1% to more than $4,000, surpassing that important level for the first time since late 2021. Smaller tokens were also higher, with
Cardano
And
ribbed
Both rose 1%. Memecoins were more mixed
Dogecoin
Earn 1% and
Shiba Inu
1% precipitation.
Write to Jack Denton at jack.denton@barrons.com
