Crypto Assets Rally With Bitcoin Surging to $66K
Crypto assets saw a significant uptick during the European morning as bitcoin gained about 1.5% over 24 hours, reaching $66,300. Similarly, ether rose 2% to $3,600. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), climbed around 1%. Among the standouts, Avalanche's AVAX was the biggest gainer, with an increase of just under 3.9%. XRP rose by 1.5%, while Solana's SOL gained 1.3%. SOL, a prominent competitor to ether in the altcoin market, may be experiencing downside due to traders anticipating the upcoming listing of spot ETH ETFs in the U.S., expected in the next few months.
VanEck Bitcoin ETF Starts Trading on ASX
The VanEck Bitcoin ETF (VBTC) began trading on the Australian Securities Exchange (ASX), marking the first exchange-traded fund (ETF) to list on the nation's largest stock exchange. VBTC rose 1% from its opening price, closing the day at A$20.06 ($13.4) after trading 99,791 shares. This ETF is a feeder fund linked to bitcoin through investments in the company's Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. Earlier this month, Monochrome Asset Management’s IBTC, the first Australian spot bitcoin ETF, made its debut on Cboe Australia, a smaller rival to ASX.
AI-Linked Tokens Surge
Tokens associated with AI technology skyrocketed as much as 35% in the last 24 hours. Leaders in this spike included Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN, leading to an average sector increase of 15%. This growth was sparked by the gains in chipmaker Nvidia'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,” said Edward Wilson, an analyst at Nansen.ai. “It should come as no surprise that on the back of Nvidia becoming the world's most valuable company, AI tokens are rallying."
Chart of the Day
The amount of bitcoin held in wallets associated with miners has dropped to 1.802 million BTC, the lowest level since April 2019. This faster selling by miners is one of the factors preventing bitcoin from keeping pace with Nasdaq.
By understanding these key market movements, even those new to the crypto world can gain insight into the latest trends and developments. From bitcoin and ether rallies to the launch of new ETFs and the rise of AI-linked tokens, the digital asset market continues to evolve rapidly.
