Already, Bitcoin is up 98% to just over $57,000 as of the end of the day on Monday.
But Bitcoin’s big gain isn’t even close to the top return that can be found in the crypto world.
Why is Ethereum gaining ground on Bitcoin? Some investors, such as Mark Cuban, are calling attention to Ethereum for its ability to process more transactions per second than Bitcoin.
Then again, the gains of both Bitcoin and Ethereum pale in comparison to that of Dogecoin, which is up over 10,000% this year.
“We believe the crypto boom is still in the early innings of playing out for the next decade,” Ives told Fortune.
The price of Bitcoin, by comparison, has increased about 100% so far this year, and 518% over the past 12 months.
He added that with more than $2 trillion now invested in virtual currencies, “a meaningful reset lower could also affect more traditional financial assets like equities.”For the JPMorgan team, the possible retail-driven froth in cryptocurrencies is a reminder of late 2017, when a crypto boom peaked.Ether RecordAmong the most notable moves in the crypto market Monday was Ether’s jump past $4,000 for the first time after a climb of more than 2,000% in the past year.
Securities and Exchange Commission to list Fidelity’s Wise Origin Bitcoin Trust, saying concerns about potential manipulation of a Bitcoin exchange-traded product have been “sufficiently mitigated.”New SEC Chairman Gary Gensler told Congress last week that the cryptocurrency market “could benefit from greater investor protection.”Bitcoin ETF Approval Odds Grow Longer After Gensler CritiqueThe comments appeared to be a setback for the idea that Gensler might be more sympathetic to crypto product approvals given his familiarity with financial technology.Cboe has already petitioned for the approval of vehicles such as a VanEck Bitcoin fund, one of a number of Bitcoin ETFs seeking the green light from officials.
Cryptocurrency ethereum climbed to a new peak for a third straight day on Monday on continued optimism about further growth in decentralized finance or “DeFi”, although some analysts said it was overvalued at current levels.
BEIJING -China should implement its commitments to equal treatment for foreign business and abandon “implicit” guidance to replace foreign products with domestic alternatives, the American Chamber of Commerce in China said on Tuesday.
“Robust funding of the CHIPS Act would help America build the additional capacity necessary to have more resilient supply chains to ensure critical technologies will be there when we need them,” the group said in a letter to Democratic and Republican leaders in both houses of the U.S.