ETH - Why Cryptocurrencies Like Bitcoin and Ethereum Surged Today
2023-09-28 18:19:56 ET
Thursday was a fine day for cryptocurrencies nearly across the board, with the sector's leaders driving the rally. No. 1 and No. 2 -- respectively, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) -- were trading around 3% higher over the 24 hours preceding late afternoon.
As the top dogs go, the remaining pack typically follows, so a host of other coins, tokens, and related assets also moved higher, albeit at different paces. Fellow crypto Aave (CRYPTO: AAVE) was enjoying a nearly 9% surge, while miner Riot Platforms (NASDAQ: RIOT) was defying gravity at a nearly 5% clip.
The trajectory of cryptocurrencies (and stocks closely tied to them, like Riot Platforms) frequently depends on the performance of low-risk assets. When the latter start to weaken, this emboldens certain investors to stack up on the riskier goodies, and coins and tokens are still considered to be model high-risk plays.
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Why Cryptocurrencies Like Bitcoin and Ethereum Surged Today