The weekly cryptocurrency update tracks the largest cryptocurrencies by market share: bitcoin, ether, and XRP. While all three are considered high-risk investments, they have distinct differences that investors should be aware of. A cryptocurrency is defined as a digital asset designed to function as a medium of exchange using cryptography.
Bitcoin, the world’s first cryptocurrency, has experienced significant price fluctuations but remains a resilient investment option. Its closing price jumped 10% to $120,000, marking a new record high and a 25% year-over-year gain. In contrast, ether’s closing price increased by 20% from last week, reaching above $3,000 for the first time since February.
XRP, launched in 2012, has seen its market share decrease over time due to the rise of new coins. The latest cryptocurrency index charts these three assets together, illustrating their relative percentage changes and long-term growth. As of January 2024, bitcoin is leading the pack.
The Securities and Exchange Commission (SEC) has approved spot bitcoin ETFs from several issuers, including Grayscale and Fidelity. This development offers investors new opportunities to access the cryptocurrency market. Similarly, ether ETFs launched on July 23rd, providing further options for those looking to invest in these assets.
Source: https://etfdb.com/crypto-channel/bitcoin-surges-record-high-cryptocurrencies