The price of these digital tokens is rising quickly and steadily.
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The Cryptocurrency rally stalled after that Bitcoin (BTC USD) April halving event, which reduced the amount of BTC available and the rewards that can be earned from mining by 50%. After hitting an all-time high of just under $74,000 in March this year, Bitcoin price slipped to just under $70,000 and has been moving sideways for the past two months.
Most other cryptocurrencies have followed a similar path to Bitcoin, with the vibrant first-quarter rally fizzling out. However, it probably won’t be long before crypto gets hot again Testing record highs. Catalysts include lower interest rates and a new batch of spot ether (ETH-USD) Exchange Traded Funds (ETFs) are expected to provide momentum to the entire crypto sector.
Here are three cryptos to buy and buy to turn $5,000 into $5 million: June Edition.
Ethereum (ETH-USD)
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Following regulatory approval of spot Ether ETFs, institutional investors are rapidly buying Ethereum. A report from the asset manager CoinShares shows that they were institutional investors Buy Ethereum at the fastest pace since March this year after the US Securities and Exchange Commission (SEC) cleared the way for spot Ethereum ETFs to begin trading. Some analysts predict that the price of Ethereum could reach $10,000 within the next 12 months.
Overall, cryptocurrency investment products recorded nearly $2 billion in inflows last week, bringing the total inflows last month to over $4 billion. Analysts say so increased buying of Ethereum This is likely due to the SEC’s decision to allow spot Ether ETFs. The first ones are expected to come onto the market at the end of June. Eight asset managers and investment firms have applied to list Ethereum ETFs, including VanEck, loyalty, ARK InvestAnd BlackRock (NYSE:BLACK).
Ethereum is up 56% in 2024.
Binance Coin (BNB)
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Binance coin (BNB-USD), the digital token issued by the world’s largest cryptocurrency exchange, took a recent hit an all-time high. The cryptocurrency has more than doubled this year and recently hit a record high of $711.05. In the last 12 months, Binance Coin is up 172%. Binance Coin’s market capitalization now exceeds $100 billion, making it the fourth largest cryptocurrency.
The new all-time high comes as Binance founder and former CEO Changpeng Zhao begins a year four month prison sentence in California for violating the Bank Secrecy Act. CZ, as Zhao is known, pleaded guilty to money laundering and operating an illegal exchange in the United States. Binance Coin’s rise also comes as the broader cryptocurrency market bounces back after a slowdown in April.
Despite being the world’s largest crypto exchange, Binance remains privately owned. Its shares are not traded on a public stock exchange.
Bitcoin (BTC)
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Still the king. Bitcoin remains the largest cryptocurrency by market capitalization and the most influential digital token on the market. Although the price has declined since reaching a record high in March, the cryptocurrency appears to be gaining momentum. A lot of this dynamic comes from Explore BTC ETFs which are extremely popular with private investors. BlackRock recently reported that it is iShares Bitcoin Trust (NASDAQ:I BIT) exceeded $20 billion in assets under management.
While there are about a dozen spot Bitcoin ETFs available in the US market, BlackRock has emerged as the industry leader with the largest and largest market shares most popular fund. Data from Bloomberg Intelligence shows that the combined Bitcoin ETFs attracted $2.4 billion in fresh capital in May this year, the third-largest number of inflows in the entire ETF market. BlackRock’s ETF now holds almost 300,000 Bitcoins worth more than $20 billion. Further inflows into ETFs could support the price of Bitcoin in the future.
At the time of publication, Joel Baglole did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.