Here's Why This Bitcoin Rally Is Different

There's no denying that Bitcoin (CRYPTO: BTC) is having a magnificent year in 2024. It's now up 130% year to date, and finally appears to be tipping into the mainstream after hitting a price of $100,000 after the presidential election.

But Bitcoin was up 155% last year, 303% in 2020, 1,369% in 2017, and 5,481% in 2013. So what makes this Bitcoin rally different from these earlier rallies? Let's take a closer look.

One key factor behind this year's rally was the launch of the new spot Bitcoin exchange-traded funds (ETFs) in January. These new ETFs immediately started attracting investor inflows, and have now accumulated tens of billions of dollars in assets under management. The largest spot Bitcoin ETF, the iShares Bitcoin Trust (NASDAQ: IBIT), now has $53 billion in assets under management.

Source Fool.com

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