bitcoin
Bitcoin (BTC) $ 75,947.35
ethereum
Ethereum (ETH) $ 2,911.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 598.27
xrp
XRP (XRP) $ 0.550732
cardano
Cardano (ADA) $ 0.434251
usd-coin
USDC (USDC) $ 1.00
matic-network
Polygon (MATIC) $ 0.344402
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200642
okb
OKB (OKB) $ 40.29
polkadot
Polkadot (DOT) $ 4.27
shiba-inu
Shiba Inu (SHIB) $ 0.000019
tron
TRON (TRX) $ 0.160819
uniswap
Uniswap (UNI) $ 8.81
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,863.33
dai
Dai (DAI) $ 1.00
litecoin
Litecoin (LTC) $ 71.20
staked-ether
Lido Staked Ether (STETH) $ 2,914.96
solana
Solana (SOL) $ 198.90
avalanche-2
Avalanche (AVAX) $ 27.45
chainlink
Chainlink (LINK) $ 12.77
cosmos
Cosmos Hub (ATOM) $ 4.55
the-open-network
Toncoin (TON) $ 4.89
ethereum-classic
Ethereum Classic (ETC) $ 20.23
leo-token
LEO Token (LEO) $ 6.34
filecoin
Filecoin (FIL) $ 3.72
bitcoin-cash
Bitcoin Cash (BCH) $ 379.77
monero
Monero (XMR) $ 163.88
Friday, November 8, 2024
More
    bitcoin
    Bitcoin (BTC) $ 75,947.35
    ethereum
    Ethereum (ETH) $ 2,911.79
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 598.27
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.550732
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.200642
    cardano
    Cardano (ADA) $ 0.434251
    solana
    Solana (SOL) $ 198.90
    matic-network
    Polygon (MATIC) $ 0.344402
    polkadot
    Polkadot (DOT) $ 4.27
    tron
    TRON (TRX) $ 0.160819
    HomeFinancePurchase Bitcoin as 'retail sentiment screams threat': Bernstein

    Purchase Bitcoin as 'retail sentiment screams threat': Bernstein

    forexcryptozone — Bernstein analysts say traders ought to construct lengthy publicity by exchange-traded funds (ETFs) or Bitcoin-related shares because the world's largest cryptocurrency makes an attempt to achieve new highs information earlier than the US elections.

    “Bitcoin is making an attempt to interrupt $70,000 resistance (as soon as once more) and, like different threat markets, is deciphering Trump's rising rankings as bullish for the crypto,” the analysts mentioned in a observe.

    “Moreover, with the clear coverage statements supporting crypto from the Harris marketing campaign, the market appears much less involved about declines and finds it attention-grabbing to bid right here. Bitcoin ETF inflows, crypto inventory markets and retail sentiment scream ‘risk-on’,” they added.

    Bitcoin-related ETFs noticed $2 billion in new purchases final week, a surge that pushed year-to-date (YTD) inflows to a considerable $20.5 billion, with belongings beneath administration now exceeding $63 billion.

    Bernstein analysts counsel that these inflows are more and more driving demand for Bitcoin spot markets as asset managers have shifted their distribution towards wealth advisors and information switch corporations.

    In line with the corporate's observe, Bitcoin-focused miners considerably outperformed their AI-focused counterparts in October.

    Riot Platforms (NASDAQ:) shares rose 37%, CleanSpark (NASDAQ:) by 43% and Marathon Digital Holdings Inc (NASDAQ:) by 21%, in comparison with Core Scientifique Inc (NASDAQ:) which has seen a 7% enhance over the previous 30 days.

    See also  Artists face a alternative with AI: adapt or develop into out of date

    “The outperformance of Bitcoin-focused miners displays underlying bullish sentiment for the Bitcoin asset class relative to the compute/power thesis, which traders have favored up to now,” Bernstein analysts level out.

    In the meantime, brokerage platform Robinhood (NASDAQ:) recorded a marked enhance in buying and selling income, as soon as once more confirming retailers' “risk-on” sentiment.

    With expectations of additional fee cuts from the Federal Reserve, Robinhood's energetic dealer base grew 10% quarter over quarter. The corporate's inventory income grew about 50% yr over yr, and its cryptocurrency buying and selling income skyrocketed 160%.

    Lastly, Bernstein analysts additionally level to a renewed recognition of meme cash amongst retail traders. Over the previous six months, the mixed market capitalization of meme cash has tripled to round $66 billion.

    “That is the quickest rising coin class inside crypto and, whether or not we prefer it or not, retail “normies” discover memes humorous, related, and socially partaking , resulting in pure memetic development of those tokens,” Bernstein’s observe mentioned.

    and jumped greater than 60% and 80% in 2024, respectively.

    RELATED ARTICLES

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Most Popular