Cryptocurrency, a type of digital money, has seen a lot more people investing in it recently. They put in $261 million in the last week, marking six weeks in a row where the investment increased. This year, the total increase in six weeks is $767 million. That’s the biggest growth this year, going beyond what happened in July. It’s the highest amount of increase since the cryptocurrency market dropped a lot in December 2021.
Last year, there wasn’t as much money put into cryptocurrencies, only about $736 million. This was because the market had some big problems and the overall economy had issues.
Last week, Bitcoin, the most popular cryptocurrency, got $229 million in investment. There was also $4.5 million put into a similar type of investment related to Bitcoin. These big gains in Bitcoin are happening because many people think the authorities might soon allow a type of investment called a Bitcoin Exchange Traded Fund (ETF).
Although the authorities have said no to this kind of investment in the past, recent wins in courts show they might say yes soon, experts say.
Other cryptocurrencies are also doing well. For example, Ethereum, Chainlink, and Solana have seen more people investing in them. Solana got $11 million and Chainlink got $2 million recently. Solana has been popular with big investors this year. Ethereum got the most, with $17.5 million, its biggest since August 2022, and $107 million total this year.
Ethereum has had some trouble with certain types of investments, even though it’s popular because of its special features. But it’s still seen as having a lot of potential for growth because it lets you earn more coins and has many applications.
In the United States, people put in the most money – $157 million. In Europe, Germany and Switzerland had $63 million and $36 million respectively. Canada put in $9 million. In the US, more people are getting interested because they think the authorities might finally approve the new type of investment. This year, uncertainty about rules stopped many US investors from joining in.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.