Bitcoin (BTC) and Ethereum (ETH) have rebounded after a brief dip in response to news of a major crypto wallet brand being hacked. Bitcoin is currently trading at $42,548 per coin, marking a 2% increase in the last 24 hours. Despite a recent exploit affecting decentralized apps causing a temporary drop of almost $1,000 in Bitcoin’s price within 30 minutes, the cryptocurrency has demonstrated resilience. Over the past seven days, Bitcoin is down by nearly 3%, but it has experienced significant growth throughout the year, rising 156% from its January value of $16,615.
Bitcoin’s positive performance is attributed to the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF). Institutional investors have reportedly shown increased interest in the space, contributing to Bitcoin’s upward trajectory. ETFs provide a popular investment avenue, allowing investors to buy shares tracking the price of an underlying asset, offering exposure to Bitcoin without direct ownership.
Ethereum (ETH) has also witnessed a recovery, currently trading at $2,275, reflecting a more than 3% increase in the past day. Additionally, Solana (SOL), the sixth-largest digital coin by market cap, has surged over 9%, reaching $73.40. Solana’s impressive performance in December follows significant price gains in November, making it the top-performing asset among the top 20 coins and tokens.
Despite the initial dip, the meme coin Bonk (BONK), running on Solana’s blockchain, has experienced notable growth, rising nearly 50% in the past day. Coinbase’s announcement of listing Bonk contributed to increased interest in the asset, leading to a surge in value. Although the meme coin initially faced a downturn following the announcement, it has since recovered.