Cryptocurrencies: Bitcoin Rallies Past $72K to New Record High

This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin and ether. We’ve also included XRP, as it was one of the largest cryptocurrencies when this series began. According to Wikipedia, a cryptocurrency is “a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.”

Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction occurred in early 2009 and has since grown worldwide. Ether is another cryptocurrency run on the Ethereum blockchain platform and has the second largest market share, despite being the newest of the three with its launch in July 2015. XRP, which is owned by Ripple and launched in 2012, was one of the larger cryptocurrencies for some time until new coins joined the market. We’ve included it here for reference.

The third-largest market share of cryptocurrency, tether, is a token “backed by actual assets” which includes one US dollar, one euro, or loans to affiliate companies and is controlled by the owners of Bitfinex. It’s a controversial cryptocurrency due to its alleged manipulation of crypto pricing. It is called a “stable coin” because it was designed to always be worth $1.00. We do not chart it because its price rarely changes.

For a better understanding of crypto market cycles, read more here.

The Latest Crypto Data (through March 12, 2024)

Bitcoin rallied past $72,000 this week as its price hit a new all-time high. BTC is currently up ~62% year to date.

Bitcoin Volume and Close

Bitcoin Daily Closes in 2024

XRP’s price rose for a fifth straight week to its highest level since November. XRP is currently up ~10% year to date.

XRP Volume and Close

Ether’s price continued to climb this past week, breaking past $4,000 for the first time since December 2021. ETH is currently up ~69% year to date.

Ether Volume and Close

An index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. Ether tops the chart, i.e., the price of an ether has changed the most out of all three cryptocurrencies.

Major Cryptocurrencies: Price Indexed

On January 10, the SEC approved spot bitcoin ETFs from a range of issuers such as Grayscale Bitcoin Trust ETF (GBTC)iShares Bitcoin Trust (IBIT)Fidelity Wise Origin Bitcoin Fund (FBTC)ARK 21Shares Bitcoin ETF (ARKB)Bitwise Bitcoin ETF (BITB). Here are some of the quick takeaways from the spot bitcoin ETF launch.

Other ETFs associated with cryptocurrencies include: ProShares Bitcoin Strategy ETF (BITO), ProShares Short Bitcoin Strategy ETF (BITI)VanEck Ethereum Strategy ETF (EFUT), and Bitwise Ethereum Strategy ETF (AETH).

Originally published on Advisor Perspectives. 

For more news, information, and analysis, visit the Crypto Channel.