Bitcoin extends gains to above $43K; crypto-linked stocks climb (Cryptocurrency:BTC-USD) – Seeking Alpha

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The Bitcoin (BTC-USD) rally isn't showing any signs of slowing as the highest-profile cryptocurrency on Tuesday added to a rally over the past two days that pushed it to above $40K for the first time since May 2022.

The oldest digital token drove up 4.7% to $43.6K at 12:35 p.m. ET, bringing its year-to-date gains to 161%.

The expectation that the U.S. Securities and Exchange Commission will give the green light for a spot bitcoin (BTC-USD) exchange-traded fund continues to be a key driver of the gains.

Other major cryptos saw some upside, too, but not to the same magnitude as bitcoin. Ethereum (ETH-USD), the largest altcoin by market cap, rose 1% to $2.24K.

Needham analyst John Todaro noted that, despite the recent price gains, retail investors' engagement in crypto is "considerably lower than in prior years."

He cited Google Search Trends showing 'Crypto' is at the same levels as July 2023 and about 50% lower than the 2022 average. Todaro also pointed to other factors that suggest retail interest "is closer to disinterest," from Coinbase's (COIN) lower ranking in app stores to lower crypto website visits.

Crypto-focused stocks, which are viewed by many as a high-beta version of crypto prices, also extended their gains at the time of writing. Coinbase (COIN) gained 4.1%, Riot Platforms (RIOT) +6%, Marathon Digital (MARA) +7.6%, MicroStrategy (MSTR) +3.5% and Bakkt (BKKT) +3.5%.

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Bitcoin extends gains to above $43K; crypto-linked stocks climb (Cryptocurrency:BTC-USD) - Seeking Alpha