Bitcoin ETFs rise as price crosses $100,000

Bitcoin exchange-traded funds soared on Thursday as the world’s most valuable cryptocurrency passed two major milestones.

For the first time, Bitcoin price reached six figures, rising as high as $103,800. At the same time, Bitcoin’s market capitalization exceeded $2 trillion, another first for the cryptocurrency.

For comparison, only five listed companies in the world have a market capitalization of more than $2: Apple, Nvidia, Microsoft, Amazon and Alphabet.

When it comes to cryptocurrencies, Bitcoin’s $2 trillion market cap is more than the market cap of all other crypto assets combined and currently accounts for 55% of the total crypto market cap, according to CoinMarketCap.

The iShares Bitcoin Trust ETF (IBIT)the largest U.S.-listed spot Bitcoin ETF with $50.6 billion in assets under management, rose as much as 4.9% on Thursday before trimming its gains to 2.1%.

The ETF has seen a whopping $33 billion in inflows this year.

ETFs tied to other cryptocurrencies such as Ether also rose on Thursday.

The $3 billion iShares Ethereum Trust ETF (ETHA)rose briefly 1.8% before rising slightly at midday.

Ether is the second most valuable cryptocurrency by market capitalization ($470 billion). Thanks to its association with NFTs and DeFi, the cryptocurrency was at the center of the crypto boom during the asset class’s last bull market.

But unlike Bitcoin, Ether has yet to surpass its 2021 highs. The price of the cryptocurrency was recently around $3,900, below its all-time high of $4,800.

Additionally, Ether ETFs have been far less popular than their Bitcoin counterparts. Since its launch in July, the aforementioned ETHA has seen $2.3 billion in inflows.

However, Ether has surged in recent days – its price has risen 61% in the last month alone since the election, outpacing Bitcoin’s 46% rise – suggesting that some investors are seeing value in the No. 1 crypto asset .2 see.

Year to date, Ether is up half as much as Bitcoin – 66% versus 131%.

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