Bitcoin
Cryptocurrencies: Bitcoin hovering around $68,000
This weekly update tracks some of the biggest cryptocurrencies by market share: bitcoin and ether. Although both are considered high risk when it comes to investing, they both have differences that investors should be aware of. We also included XRP as it was one of the biggest cryptocurrencies when this series began. According to Wikipedia, A cryptocurrency is “a digital asset designed to function 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.”
For a better understanding of crypto market cycles, read more here.
Bitcoin
Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction took place in early 2009 and since then it has been growing across the world.
The price of Bitcoin has hovered around $68,000 for most of the past week and is currently up about 55% year to date.
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Ether
Ether another cryptocurrency that runs on the Ethereum blockchain platform and has the second largest market share despite being the newest of the three discussed in this article with its launch in July 2015.
The price of Ether continued to rise this week, reaching its highest level since mid-March. ETH is currently up approximately 63% year to date.
XRP
XRP, which is owned by Curling and launched in 2012, it was one of the biggest cryptocurrencies for some time until new coins entered the market. We have included it in this article for reference.
The price of XRP dropped to $0.53 this week and is currently down around 16% year to date.
Bitcoin x Ether x XRP
An index was created to map these three cryptocurrencies together, considering their significantly different price histories. Ether is at the top of the chart, meaning the price of one ether changed the most among all three cryptocurrencies.
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On January 10, the SEC approved spot bitcoin ETFs from a number of issuers, such as Grayscale Bitcoin Trust ETF (GBTC B+), iShares Bitcoin Trust (I BITE C+), Fidelity Wise Origin Bitcoin Fund (FBTC ), ARK 21Shares Bitcoin ETF (ARKB ), Bitwise Bitcoin ETF (BITB ). Here are some of the quick takeaways from the bitcoin spot ETF launch.
Other cryptocurrency-linked ETFs include: ProShares Bitcoin Strategy ETF (BITO A-) ETF ProShares Short Bitcoin Strategy (BITI C+), VanEck Ethereum Strategy ETF (EFUT A) and Bitwise Ethereum Strategy ETF (AETH ).
Originally published in Consultant perspectives.
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