Bitcoin Value Surges on SEC’s Softened Stance and Crypto Market Rally
Bitcoin’s Value Reaches Three-Month High Amid Crypto Market Rally
The value of Bitcoin has surged to nearly $31,000, reaching a three-month high, as the broader crypto market experiences a rally. This surge can be attributed to the optimism surrounding the potential approval of Bitcoin Spot ETFs by the US Securities and Exchange Commission (SEC), as well as the positive impact of a lawsuit dismissal. Influential figures such as Cathie Wood from Ark Invest and lawyer John Deaton suggest that the SEC’s softened stance on crypto and the resulting regulatory clarity could trigger another surge in Bitcoin’s price.
Bitcoin Dominance and Top Performers
On Monday, Bitcoin’s dominance over altcoins stood at around 52.4%, nearing the 52.7% recorded when Bitcoin was priced at $60,000 in April 2021. The top performers on a 24-hour scale included Fantom (FTM), Chainlink (LINK), Aave (AAVE), and Polygon (MATIC), while Solana (SOL) experienced a 30% rise within a week.
Positive Impact on Cryptocurrency Stocks
The surge in Bitcoin’s value has also had a positive impact on cryptocurrency stocks such as Marathon Digital Holdings (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT). These companies are engaged in large-scale Bitcoin mining within the blockchain ecosystem. Over the past year, these stocks faced significant declines during the “crypto winter” of 2022. However, RIOT has shown better returns over nine months with a growth rate of 163.2%, compared to MARA’s growth rate of 128.24%.
Investment Returns and Future Trends
If an investor initially invested $1,000 in MARA, they would now have a value of $2,282.35. On the other hand, the same investment in RIOT would have returned a final value of $2,632.05. These trends and more will be discussed at the upcoming Future of Digital Assets event hosted by Benzinga.
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