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Cryptocurrency news: Bitcoin on Thursday traded at around $67,000, after falling from a record high of around $74,000 on March 14. Cryptocurrency prices and spot Bitcoin ETFs rose early Thursday morning.
The strength of the new high is rooted in the industry's historic advance on January 11th. It was the first trading day after the SEC approved 11 Bitcoin ETF applications, including the issuer. arc investment (Arcuku), black rock (BLK), grayscale, VanEck, etc. Coinbase serves as a custodian for the majority of new ETF issuers. How do cryptocurrency custodians keep digital assets safe?
Other trends are also expected to drive Bitcoin in 2024, including the upcoming halving event in April and an influx of institutional participation.
Best Bitcoin, Cryptocurrency ETFs to Watch and Buy
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Cryptocurrency price action
Bitcoin traded around $67,000 on Thursday, up from a 24-hour low of around $62,000. On March 14th, Bitcoin hit a new all-time high of $73,798. The cryptocurrency is currently below its previous high of $68,990, set in November 2021.
Bitcoin soared to $49,000 on January 11, the day the ETF was released, but has since returned to levels seen in early December 2023, before the SEC announcement. The world's largest cryptocurrency rebounded by about 157% in 2023. Bitcoin is up about 55% so far this year, with most of the gains doubling in February and March.
Ethereum rose above $3,500 on Thursday, but is still a long way from its 52-week high of $4,092 on March 12th. The cryptocurrency has maintained December 2021 levels, but is still well below its November 2021 peak of over $4,800.
Ethereum broke above the $4,000 level on March 8th for the first time in 26 months. The second-largest cryptocurrency soared 52% in 2024.
Cryptocurrency price heatmap:
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Investing in digital assets is highly volatile. Although the fundamentals and technical indicators of cryptocurrencies may differ, investors should focus on the same main goal. First, protect yourself by learning when to sell, cut your losses, and take profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their initial promise, cryptocurrencies have failed to act as a hedge against inflation. Instead, we see a trend in the broader index. Read “The Big Picture” and “Market Pulse” to track daily market trends.
To navigate the world of digital asset investing, visit IBD's Best Cryptocurrencies and Crypto Stocks to Buy and Watch page.
Want to learn more about cryptocurrencies? See What is Cryptocurrency? Explanation page.
Read more Cryptocurrency News
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More crypto news from Dow Jones
How will Bitcoin's upcoming halving differ from previous cycles of virtual currencies?
European Central Bank steps up criticism of Bitcoin
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