BTC, ETH, DOGE: Crypto Prices Continue to Rise to Start the Third Quarter
Cryptocurrency investors have their fingers crossed that the worst of the downturn in digital assets might be coming to an end.
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Hope is spreading among crypto bulls as the prices of Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and other digital tokens continues to rise to begin the year’s third quarter. While the U.S. stock market is closed on July 3, crypto continues to trade, with prices rising further to start the new month and quarter.
In afternoon trading on July 3, BTC was trading at $62,128, having gained 1% in the last 24 hours. Bitcoin’s price is at its highest level in several weeks and back above the key support level of $60,000 that analysts say is critically important for a sustained rally. A week ago, Bitcoin was trading at $58,000, near a two-year low.
Other Digital Assets Rise Too
Other cryptocurrencies are rebounding even more than Bitcoin. Ethereum’s price is up 3% over the past 24 hours to $1,740. And the price of Dogecoin (DOGE) has gained 4% to change hands at $0.08. Heading into the July 4th holiday weekend, crypto prices were gaining ground as investors rotate capital out of high-flying microchip and semiconductor stocks such as Micron Technology (MU).
Adding to the bullish sentiment around crypto is news that exchange-traded funds (ETFs) that track the spot price of Bitcoin have seen an influx of capital following a 10-day losing streak. Bitcoin ETFs attracted $221.7 million of capital on July 2, their biggest inflow in two months, according to market data. The inflows end a difficult 10-day outflow streak that saw investors pull $2.73 billion from the funds.
Institutional investors have been blamed for pulling money from the ETFs as Bitcoin’s price steadily declined this year to a 21-month low of $58,000 at the end of June.
BTC’s Three-Month Performance
Not enough analysts cover Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, Bitcoin’s price has declined 12% in the past 12 weeks.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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