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📈Bitcoin rises to the highest level since December 2021
This afternoon, a significant change in attitudes towards cryptocurrencies can be observed. Bitcoin erased its previous losses and is up nearly 5% since midday. The coin crossed the $53,000 mark for the first time since early December 2021. Altcoins are also seeing strong gains amid stable inflows into ETH funds as well as lower outflows from the Grayscale Bitcoin Trust. The valuation gap between the largest coins, such as Bitcoin and Ethereum, and altcoins is narrowing. Bitcoin and Ethereum were the best-performing cryptocurrencies in early 2024 amid growing interest in ETFs. Altcoins have lagged so far.
Inflows into ETH funds remain stable, while Grayscale Bitcoin Trust is seeing minor outflows. Source: Bloomberg Finance LP, XTB Research
Altcoins with low market cap are currently performing the best. Source: XStation 5
BITCOIN extends its rebound and crosses the $53,000 mark for the first time since early December 2021. Source: xStation5
“This report is provided for general information and educational purposes only. Any opinion, analysis, price or other content does not constitute investment advice or recommendation under Belize law. Past performance is not necessarily indicative of future results, and any person acting on such information shall XTB does so at its own risk. XTB will not accept liability for any loss or damage, including, without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.”) Leveraged products carry a high level of risk. Please ensure you understand the risks associated.”
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