BTC - Why Bitcoin Ethereum and The Sandbox Are Up Today
It's another glorious day to be a cryptocurrency investor. As of 2:15 pm ET Thursday, the entire cryptocurrency market had surged by 6.3% over the previous 24 hours, keeping its aggregate market capitalization well above the psychologically important threshold of $1 trillion.
Among the key drivers of this surge in value were the usual suspects. Bitcoin (CRYPTO: BTC) surged 7.7% over that time frame, hovering around the $25,000 level and touching an eight-month high. Ethereum's (CRYPTO: ETH) 24-hour move of 7% came as investors brushed off concerns around the potential for more intense regulatory oversight of proof-of-stake blockchains. And The Sandbox (CRYPTO: SAND) took an even more impressive 24-hour move, surging 8.7% as this week's token unlock appeared to have had a negligible effect on its near-term value.
The key factor driving interest in all digital tokens Thursday appears to be increased interest in assets that provide maximum exposure to the continued risk-on rally we're seeing in financial markets. Indeed, the sector-specific headwinds that have arisen for crypto should, in theory, have driven diminished demand for these tokens. That said, it appears investor demand for cryptocurrencies remains high, as concerns about greater regulation and higher interest rates are being offset by euphoric enthusiasm in the markets.
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Why Bitcoin, Ethereum, and The Sandbox Are Up Today