A significant shift in sentiment towards cryptocurrencies can be spotted in the afternoon today. Bitcoin erased previous losses and jumped almost 5% since noon. The coin climbed above $53,000 mark for the first time since early-December 2021. Altcoins are also experiencing strong gains amid stable inflows to ETH funds as well as lower outflows from Grayscale Bitcoin Trust. Valuation gap between the biggest coins, like Bitcoin and Ethereum, and altcoins is narrowing. Bitcoin and Ethereum were the two cryptocurrencies that outperformed at the beginning of 2024 amid increased interest due to ETFs. Altcoins have been lagging behind up to now.
Inflows to ETH funds remain stable while Grayscale Bitcoin Trust is experiencing smaller outflows. Source: Bloomberg Finance LP, XTB research
Altcoins with lower market capitalization are the outperformers today. Source: xStation5
BITCOIN extends rebound and jumps above $53,000 mark for the first time since early-December 2021. Source: xStation5
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