Bitcoin and other cryptocurrencies showed little change on Monday, except for Ether, the second-largest digital asset, which continued to outperform.
Bitcoin Price
The price of Bitcoin dipped 1% in the past 24 hours to $51,100, after reaching above $51,800. Despite nearing its recent peak of around $52,800, Bitcoin has struggled to climb higher as positive risk sentiment in broader markets, such as the Dow Jones Industrial Average and S&P 500, hit record levels. Over the past six months, Bitcoin has more than doubled in value, largely due to optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs), which could attract a wave of new investors.
Altcoins Drive Growth
According to analyst Alex Kuptsikevich from broker FxPro, altcoins are fueling growth. Institutional speculators are focusing on Bitcoin and Ethereum, with attention particularly on betting for the approval of spot ETFs for Ether. Traders are cautiously securing profits in Bitcoin, which previously surged on the same anticipation.
Ether Outperforms
While Bitcoin has been making significant gains, Ether has been outperforming, with a more than 35% increase in the past month compared to Bitcoin’s 20%. Traders are speculating on the potential approval of Ether ETFs, and there is a general sentiment of risk-taking spreading across digital assets, including smaller tokens and altcoins.
Current Prices
Ether saw a 2% increase, reaching near $3,200. Altcoins varied in performance, with Cardano down 2% and Polygon up 1%. Memecoins experienced weakness, with both Dogecoin and Shiba Inu falling 1%.
For more information and updates on the cryptocurrency market, stay tuned.
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