Bitcoin Surges to $68,400, Igniting Crypto Sector Rally

New Highs for Bitcoin and Ether Propel Crypto Markets

Bitcoin Climbs to Highest Level Since July

The price of the popular cryptocurrency bitcoin neared $68,400 on Wednesday, marking its highest level since July. This surge has led to a rally across the entire crypto sector, with bitcoin seeing a more than 9% increase over the past week.

Ethereum and Other Coins Follow Suit

Not to be outdone, ether has also seen a rise of around 7% in the same period. Other cryptocurrencies like solana and dogecoin have experienced gains as well, with solana up nearly 10% and dogecoin up 15% over the past seven days.

Impact on Crypto-Pegged Stocks

The positive momentum has extended to crypto-pegged stocks, with Coinbase climbing almost 7% on Wednesday. This upward trend has seen the stock’s value reach its highest point since August. Bitcoin mining companies like Marathon Digital and Riot Platforms have also seen an increase in their stock prices.

New ETFs Drive Bitcoin’s 53% Growth in 2022

Influx of New Investors Boosts Bitcoin’s Performance

One of the contributing factors to bitcoin’s 53% growth this year is the introduction of new spot bitcoin exchange-traded funds (ETFs) at the beginning of the year. These new investment products have attracted a wave of fresh investors to the cryptocurrency market. Ether ETFs followed suit in July, further diversifying the investment options available to crypto enthusiasts.

BlackRock’s ETF Sees Strong Investor Interest

Samara Cohen, chief investment officer of ETF and index investments at BlackRock, shared that 80% of buyers of the iShares Bitcoin Trust (IBIT) are direct investors. What’s more, 75% of these investors have never previously owned a BlackRock ETF. This shift in investor behavior underscores the growing interest in crypto assets among traditional investors.

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