SATO ETF

Bitcoin, the largest cryptocurrency by market value, has been on a scintillating run since the start of 2023.  And more upside could be on the way.

In what could be a long-term positive for cryptocurencies as an asset class, data indicates $2.25 billion in new capital flowed into institutional cryptocurrencies products in 2023. That marks the third-best year of inflows on record.

It appears that digital assets aren't dead. Far from it, in fact, if the price of bitcoin is anything to go by.

Bitcoin's hashrate, which measures total computing power on proof-of-work networks, is soaring to record highs, providing support to shares of cryptocurrency mining equities along the way. For confirmation of that trend, investors need look no further than the Invesco Alerian Galaxy Crypto Economy ETF (SATO).

Bitcoin has pulled back over the past several days. But even with that retrenchment, the largest crypto currency is on pace for one of its best annual showings on record.

As of late Monday, bitcoin had surged nearly 14% over the past seven days. That's exceeded 42% for the first time since May 2022.

It's still six months away, but the April 2024 bitcoin halving is already generating plenty of attention among cryptocurrency investors. The reasoning behind that is simple.

One of the most frequently mentioned criticisms of bitcoin mining is that it's energy-intensive. Making that matter worse is that the industry is a massive consumer of fossil fuels, arguably inviting that criticism.

Over the past seven days, bitcoin has surged more than 20%. That's a bull market unto itself.