Bitcoin value has surged to nearly $31,000, a three-month high, amid a broader crypto market rally, according to CoinGecko's data. This surge is due to optimism regarding the US SEC's potential approval of Bitcoin Spot ETFs and positivity from the XRP lawsuit dismissal. Influential figures like Ark Invest's Cathie Wood and lawyer John Deaton suggest that the SEC's softened stance on crypto and regulatory clarity could trigger another surge in Bitcoin's price.
On Monday, Bitcoin's dominance over altcoins stood 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) saw a 30% rise within a week.
This surge in value has also positively affected cryptocurrency stocks like Marathon Digital Holdings (NASDAQ: NASDAQ:MARA) and Riot Platforms (NASDAQ: RIOT), both involved in large-scale Bitcoin mining within the blockchain ecosystem. Over the last year, these companies experienced significant declines during the "crypto winter" of 2022. However, RIOT showed better returns over nine months with a growth rate of 163.2%, compared to MARA's 128.24% growth rate.
Investors who initially invested $1,000 in MARA would now have a value of $2,282.35, while the same investment in RIOT would have returned a final value of $2,632.05. These trends and more will be discussed at Benzinga's Future of Digital Assets event.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.