59.85 F
London
June 22, 2024
PI Global Investments
Bitcoin

Bitcoin Slips. Why Ether Is Outperforming Its Larger Peer.


Bitcoin and other cryptocurrencies largely were falling on Wednesday. However, Ether, the second-largest digital token, was holding its recent gains that have seen it outperform the wider crypto market. 

Bitcoin has fallen 0.6% to $42,685 over the last 24 hours. The largest cryptocurrency has dropped back into a range of $42,000-$44,000 since last week’s approval of exchange-traded funds tied to spot trading of Bitcoin.


Bitcoin

and other cryptocurrencies largely were falling on Wednesday. However,


Ether,

the second-largest digital token, was holding its recent gains that have seen it outperform the wider crypto market. 


Bitcoin

has fallen 0.6% to $42,685 over the last 24 hours. The largest cryptocurrency has dropped back into a range of $42,000-$44,000 since last week’s approval of exchange-traded funds tied to spot trading of Bitcoin.


Ether

was up 0.3% at $2,543. Ether has mostly maintained the gains it made after the Bitcoin ETF approval, which pushed it up from around $2,300.

“Perhaps it’s a sign that the market believes [Ether] could be the next cryptocurrency to get a spot ETF application approved, given that it’s the second-largest crypto asset by market cap and Ethereum futures ETFs are already approved and available.,” wrote Simon Peters, an analyst at eToro in a research note. 

Elswhere in crypto, the focus will be on a hearing Wednesday in which a federal judge will hear oral arguments in a lawsuit between cryptocurrency exchange

Coinbase

and the Securities and Exchange Commission. The SEC last year sued Coinbase for allegedly operating an unregistered securities exchange.

Coinbase

is attempting to convince the judge to dismiss those allegations in the case’s early stages.

Advertisement – Scroll to Continue


Among smaller cryptocurrencies,


Solana

was down 0.6% and


Cardano

was down 1.1%.


Dogecoin

dropped 1.1%.

Write to Adam Clark at adam.clark@barrons.com



Source link

Related posts

Bitcoin rebounds above $70,000, and Uniswap says SEC warned of potential lawsuit: CNBC Crypto World

D.William

Bitcoin back below $65,000 for the first time in more than a month

D.William

Bitcoin ETF: These Are All the Authorized Participants

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.