Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Bitcoin veers toward all-time high as DOGE and SHIB skyrocket

Published 04/03/2024, 11:00
Updated 04/03/2024, 11:00
Bitcoin veers toward all-time high as DOGE and SHIB skyrocket

Proactive Investors - Bitcoin (BTC) continues veering towards its all-time high, with another 2.6% added against the US dollar this morning.

The BTC/USD pair is currently swapping just below $65,000, meaning there is just $4000 of water between now and the previous ATH of $69,000 achieved in November 2021.

The benchmark cryptocurrency has catapulted higher this year predominantly due to the introduction of spot-bitcoin exchange-traded funds to the regulated US stock market.

New bitcoin ETFs from the likes of BlackRock (NYSE:BLK) and Fidelity have seen substantial cash inflows, creating a groundswell of demand for the cryptocurrency.

Last Bloomberg data has total net ETF inflows since their January 10 approval at $7.35 billion.

Excluding the substantial outflows from the Grayscale Bitcoin Trust (GBT), inflows total more than $16 billion.

BlackRock’s iShares Bitcoin ETF (IBIT) continues to lead the charge, having exceeded $10 billion in assets under management at the tail end of last week.

According to Bloomberg’s James Seyffart, the bitcoin ETF market saw net outflows on Friday “almost certainly” due to the Gemini/Genesis situation.

The Winklevoss Twins’ Gemini crypto exchange has agreed to repay US1.1 billion in crypto lost from the collapse of its Earn staking platform.

Gemini may be redeeming their bitcoin to fund the repayments.

Nonetheless, bitcoin remains in a strong position, having added 35% week on week and 54% year to date.

Bitcoin’s year-to-date performance – Source: tradingview.com

Ethereum (ETH), the second-largest cryptocurrency, is currently trading 13% higher week on week at US$3,523.

In the broader altcoin space, Solana (SOL) has added 28% week on week with Cardo (ADA) surging 36%.

But it’s the two premier meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) that have seen the most impressive gains.

DOGE has nearly doubled in value while SHIB has soared over 180%.

Meme coins are known to be the biggest risers when interest in altcoins begins to pick up, though their volatility can cause wild swings lower as well as higher.

Global cryptocurrency market capitalisation currently stands at $2.43 trillion, with bitcoin dominance at 54.2%.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.