Bitcoin's Latest All-Time High Powers Ethereum and Dogecoin Higher Today
It's another hot start to what looks likely to be another big week in the cryptocurrency world. Leading cryptos are once again surging, with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) all making big moves.
As of 12:15 p.m. ET Monday, these three mega-cap cryptos had surged 3.8%, 2.9%, and 0.9%, respectively, over the prior 24 hours. Importantly, Bitcoin made a new all-time high above $72,500. In the wake of the Securities and Exchange Commission's recent approval of several spot Bitcoin exchange-traded funds (ETFs), continued capital inflows into those funds are creating a clear supply-and-demand imbalance for this top crypto. This catalyst, as well as anticipation of the upcoming halving event in April -- which will cut the rewards for Bitcoin mining in half and thus reduce the volume of new Bitcoin being created -- is exacerbating expectations that Bitcoin's recent momentum can continue.
Most investors who follow crypto can understand the rather simple dynamics driving Bitcoin higher. But for more complex reasons, Bitcoin's recent surge could also mean continued upside for Ethereum and Dogecoin, two projects that are very different from Bitcoin in key ways.
Source Fool.com
