BTC - Why Major Cryptocurrencies Soared This Week
2024-03-30 04:34:00 ET
Several major cryptocurrencies rallied this week amid multiple potential catalysts including strong net inflows into bitcoin ETFs, notable new registration filings for spot Ether ETFs, and an anticipated "bitcoin halving" event in early April.
When all was said and done as of the close of Friday's regular session, the price of Bitcoin (CRYPTO: BTC) was up 9.7% on the week, while Ethereum (CRYPTO: ETH) had gained 5.1%. So-called memecoins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also soared 41.2% and 16.5%, respectively, this week.
The price of Bitcoin eclipsed $71,000 several times this week -- a week after falling below $63,000 -- before settling to trade around $69,500 as of this writing. The world's most prominent cryptocurrency was bolstered in part by huge net inflows into bitcoin ETFs exceeding $243.4 million on Thursday.
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Why Major Cryptocurrencies Soared This Week