Bitcoin has continued to rally after weeks of struggling, reaching close to $45,000 — up 1% in 24 hours and up 19% in the past 30 days. The last time Bitcoin was priced above $45,000 was February 10, according to data from CoinMarketCap.
The largest cryptocurrency by market capitalization has struggled to hold steady above $40,000 over the past month, rather than closely following the stock market. And it is continuing to do so.
The US stock market rose today; So is cryptocurrencies. The S&P 500 is headed for a weekly gain of 1.4% and the Nasdaq is looking at a bigger gain of about 2%. Bitcoin in the past week has gained about 6%.
Ethereum, the second largest digital asset, is up more than 1% today, trading for $3,136.82. It also rallied quite strongly over the past week: more than 11%.
Bitcoin has long been referred to by some commentators as “digital gold” – a safe-haven asset that will be safe when every other investment gets hit. But it is struggling to serve that purpose — other assets traditionally seen as “safe havens” have performed better than Bitcoin recently.
Elsewhere, many crypto markets remain in the red if you look at the 24-hour performance. Major players like Cardano, the seventh-largest cryptocurrency by market capitalization, are down 5.2 percent.
Terra, a popular network for DeFi products (those that allow peer-to-peer borrowing and trading), is also down 0.5%, at $93.25. But both posted significant gains over the past week, up 31% and 6.8% respectively.
The rest of the market tends (but not always) to follow Bitcoin when it does well. It’s had a good week thanks in part to a big Wall Street announcement: Goldman Sachs on Tuesday became the first major U.S. bank to trade in cryptocurrencies. The New York-based investment bank made an over-the-counter (OTC) trade by purchasing an OTC Bitcoin (NDO) non-deliverable option from Galaxy Digital.
According to some, this has led to a surge in confidence from investors, who see the large sums and interest coming from longtime players as good reason to stick around and put some cash into cryptocurrencies.