- Bitcoin (BTC) trading around $58,682 as of 20:05 UTC (4:05 p.m. ET). Climbing 0.4% over the previous 24 hours.
- Bitcoin’s 24-hour range: $56,934-$59,835 (CoinDesk 20)
"The great portfolio rebalancing is already underway," Matt Blom, head of sales and trading with the digital-asset firm Equos, wrote in an email.
The largest cryptocurrency's price over the past week has been pushing back up toward $60,000, and a breach of that crucial psychological level could trigger to a rally to a new all-time high, analysts said. The record price now sits at $61,557, reached earlier this month.
Prices have doubled so far in 2021, bitcoin's best first-quarter performance in eight years.
In absolute dollar terms, bitcoin's price jumped about $30,000 during the three-month period, well exceeding the cryptocurrency's next-best quarter, a gain of about $22,000, during the fourth quarter of 2020. The Standard & Poor's 500 Index of large stocks, for comparison, is up about 5.7%. (Stocks rose Wednesday, with President Joe Biden set to unveil his next stimulus plan to follow the recent $1.9 trillion deal.)
Crypto lending firms including CoinDesk sister company Genesis and BlockFi are cutting the interest rates they pay on large-scale bitcoin deposits, potentially signaling an end to the glorified 4% to 6% levels that have served as a staple of the lucrative market.
Ether rises with bitcoin
- Ether (ETH) trading around $1,904. Climbing 3.6% over the previous 24 hours.
- Ether’s 24-hour range: $1,773-$1,917 (CoinDesk 20)
Ether rose, after holding support around $1,800. The cryptocurrency is up about 30% for the month, versus a 25% gain in BTC.
The decentralized finance (DeFi) space continued to grab headlines this week after Aave announced Wednesday that it will work with Ethereum layer 2 Polygon to bypass congestion on the blockchain network.
Enterprise software company R3’s Corda network now has a bridge to public blockchains. The group of RBS bankers, now known as LAB577, will use its native token, the Ethereum-compatible XDC, as a settlement coin inside Corda.