- Wednesday, October 16, 2024
Bitcoin and other cryptocurrencies continue to face a stagnant market, displaying little excitement for investors. While traditional stocks like the Dow Jones Industrial Average and S&P 500 continue to provide interest, cryptos have remained relatively uneventful. Bitcoin, in particular, is experiencing its lowest volatility on record, causing some unease among market participants.
Analysts at Bernstein have identified four potential sources of capital that could break the current lull in the crypto market, spurring a new phase of growth. These sources include the growing supply of regulated stablecoins, the tokenization of traditional assets, the development of native crypto infrastructure like "layer 2" blockchains on networks such as Ethereum, and the approval of crypto exchange-traded funds (ETFs).
Unfortunately, the timing of these catalysts is uncertain and could be weeks or even months away. Investors are eagerly awaiting regulatory decisions regarding several spot Bitcoin ETFs, including one from BlackRock. However, the Securities and Exchange Commission has recently delayed its decision on yet another ETF.
In addition to Bitcoin, other cryptocurrencies are also experiencing a slump. Ether, the second-largest crypto, has dropped less than 1% to $1,830. Altcoins like Cardano have slipped less than 1% and Polygon has seen a decline of over 1%. Even meme coins like Dogecoin and Shiba Inu are in the red, with losses of 1% and 3% respectively.
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