Bitcoin has increased by 324 per cent in 15 months and there’s another cryptocurrency that has all the ingredients to explode.Not bad for a 12-month return. Even property in the Eastern suburbs of Sydney can’t match that kind of gain.was all a scam? Probably not. Crypto is still a volatile asset class and you should always conduct your own research before making an investment.
These were a turning point for Bitcoin, which had been experiencing a steady rise in price since December 2023 in anticipation of ETF approval by the 11 major asset management firms. Just a fortnight ago, we saw $3.94 billion pouring into Bitcoin ETFs over a span of seven days. That same week, Bitcoin smashed its price record in Australia, hitting a jaw-dropping $111,440 on March 14 — the highest it’s ever been since it was created in 2009.On New Year’s Day this year, Ethereum was trading at $3400, representing a similar jump to Bitcoin in 2024, of 55 per cent.
Mr Hundal echoed a similar sentiment that high school economics can be used to forecast how Ethereum could potentially play out if an ETF is approved. Adam Saville-Brown, global general manager of cryptocurrency tax software Koinly, discloses that the company’s data, looking at over 1 million customers’ crypto portfolios, primarily in Australia, indicates that Ethereum is increasingly becoming a preferred asset choice for many Australians.
“Whenever you have an influx of more money coming into a market that tends to drive the price up. We’ve seen in the past with crypto markets, when the price goes up very quickly that causes a lot of attention in the news, and causes more people to look at it,” Mr Przelozny says.
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Source: FinancialReview - 🏆 2. / 90 Read more »
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