ETH - Why Bitcoin Ethereum and Dogecoin Rallied on Tuesday
2024-02-27 20:23:28 ET
Several major cryptocurrencies rallied on Tuesday amid news of growing crypto adoption and speculation surrounding the timing of the first spot Ethereum-centric exchange-traded fund (ETF) approvals.
When all was said and done during today's regular trading session, the price of Bitcoin (CRYPTO: BTC) was up 4.5%, Ethereum (CRYPTO: ETH) had gained 1.8%, and Dogecoin (CRYPTO: DOGE) climbed 12.2%.
The price of Bitcoin climbed above $57,000 today for the first time since December 2021, apparently bolstered by record inflows into Bitcoin ETFs. Around $2.5 billion flowed into digital asset investment products last week, according to data from crypto research firm CoinShares, with Bitcoin funds responsible for 99% of those inflows. That influx of capital followed a historic decision last month by the United States Securities and Exchange Commission (SEC) to simultaneously approve the first 13 applications for spot Bitcoin ETFs.
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Why Bitcoin, Ethereum, and Dogecoin Rallied on Tuesday