Crypto Market Update: Bitcoin and Ethereum Prices Surge

Market Update

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Daily Price Movements

• Bitcoin (BTC): Enjoyed a rally during the European morning, increasing by approximately 1.5% over 24 hours to $66,300.
• Ethereum (ETH): Also surged by 2% to reach $3,600.
• CoinDesk 20 Index (CD20): Climbed about 1%, with Avalanche’s AVAX being the top performer, gaining nearly 3.9%.
• Other Notable Performances: XRP rose by 1.5%, while Solana’s SOL saw a 1.3% increase.

SOL, often viewed as a prominent competitor to Ethereum in the altcoin market, may be experiencing downside pressure due to market anticipation of the potential listing of spot ETH ETFs in the U.S. in the coming months.

The VanEck Bitcoin ETF (VBTC) recently commenced trading on the Australian Securities Exchange (ASX), marking the first ETF listing on the ASX. VBTC ended the day at A$20.06 ($13.4) after trading 99,791 shares, representing a 1% increase from its opening price. The ETF serves as a feeder fund that offers exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. Earlier this month, Australia’s first spot bitcoin ETF, Monochrome Asset Management’s IBTC, debuted on Cboe Australia.

Tokens utilizing AI technology have surged significantly, with some experiencing up to a 35% increase in the past 24 hours. Leading the charge are Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN, contributing to an average sector growth of 15%. This surge follows the positive performance of chipmaker Nvidia (NVDA) stock, which rose by 5% since Monday, propelling it to become the world’s most valuable company. Analysts attribute the rally in AI tokens to the overall excitement surrounding the AI sector.

Chart of the Day

(Glassnode)

– Omkar Godbole