Bitcoin Is Up 50% in 2024, but This Other Cryptocurrency Has More Than Doubled
Bitcoin (CRYPTO: BTC) is the world's largest cryptocurrency. It has a market capitalization of $1.3 trillion as of this writing, so it accounts for about half of the total value of the entire crypto market ($2.4 trillion).
It has logged a gain of about 50% in 2024 so far, and it touched a new high of $69,171 yesterday. The crypto is benefiting from the approval of Bitcoin exchange-traded funds (ETFs), which are creating new sources of demand. Plus, the pessimism toward cryptocurrencies that took hold in 2022 appears to have subsided, and investors are growing comfortable with the asset class once again.
Some of the action in the meme-token segment of the crypto industry is further evidence of an increasing appetite for risk. For example, Shiba Inu (CRYPTO: SHIB) has logged a return of more than 200% in 2024 (as of March 5), trouncing Bitcoin.
Source Fool.com
