Bitcoin and Ether Rally as Crypto Market Sees Gains
The crypto market has seen a significant rally in the past 24 hours, with Bitcoin and Ether leading the charge. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has climbed about 1%, with Avalanche’s AVAX being the biggest gainer at just under 3.9%. XRP has risen by 1.5%, while Solana’s SOL gained 1.3%.
The cryptocurrency market has seen a significant rally in the past 24 hours.
SOL, as the closest thing to an ether competitor in the altcoin market, may be experiencing downside as traders anticipate the listing of spot ETH ETFs in the U.S., an event thought likely to occur sometime in the next few months.
The VanEck Bitcoin ETF (VBTC) has started trading on the Australian Securities Exchange (ASX), marking a significant milestone for the cryptocurrency industry. This is the first exchange-traded fund to list on the ASX, the country’s largest stock exchange. VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe.
The VanEck Bitcoin ETF (VBTC) has started trading on the Australian Securities Exchange (ASX).
Tokens said to be using AI technology have surged as much as 35% in the last 24 hours. Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN led the advance, while the sector added 15% on average. The growth followed gains in chipmaker Nvidia (NVDA)’s stock, which has risen 5% since Monday, making it the most valuable company in the world. “AI as a sector is hot in both traditional markets and crypto,” Edward Wilson, an analyst at Nansen.ai, told CoinDesk. “It should come as no surprise that on the back of Nvidia becoming the world’s most valuable company AI tokens are rallying.”
AI tokens have surged as much as 35% in the last 24 hours.
The number of bitcoin held in wallets associated with miners has declined to 1.802 million BTC, the lowest since April 2019. Faster selling by miners is one of the factors stopping bitcoin from keeping pace with Nasdaq.
The number of bitcoin held in wallets associated with miners has declined to 1.802 million BTC.
In conclusion, the crypto market has seen a significant rally in the past 24 hours, with Bitcoin and Ether leading the charge. The listing of the VanEck Bitcoin ETF on the ASX and the surge in AI tokens are just a few of the factors contributing to this growth. As the market continues to evolve, it will be interesting to see how these trends play out in the coming days and weeks.
