Bitcoin (BTC) Price Nears $68.4K, Sparking a Rally Across the Crypto Sector

Bitcoin is up more than 9% over the last week and ether is up about 7%. Other popular coins have also rallied.

Bitcoin price hit its highest since July on Wednesday, sparking a broader rally in the crypto sector.

The world’s largest cryptocurrency was trading at about $68,400 by midday in New York, up more than 9% over the last seven days. Ether rose about 7% to trade at around $3,100.

Among other major coins, solana gained close to 10% in the past seven days, while dogecoin rallied about 15%.

The gains also extended to crypto-related stocks. Digital asset exchange Coinbase rose nearly 7% on Wednesday, marking a three-day rally of about 19%. The stock hit its highest since August.

Bitcoin miners Marathon Digital and Riot Platforms moved higher on Wednesday.

Bitcoin’s 53% gain so far this year is due in part to a host of new spot bitcoin exchange-traded funds that hit the market in January, bringing in a wave of new investors. Ether ETFs followed in July.

Samara Cohen, chief investment officer of ETF and index investments at BlackRock, recently told CNBC that 80% of buyers of its iShares Bitcoin Trust (IBIT) are direct investors. Of those, 75% have never owned a BlackRock ETF, she said.

"We went into this journey with the expectation that we needed to educate ETF investors on crypto and on bitcoin specifically," Cohen said. "As it turns out, we have done a lot of education of crypto investors on the benefits of the ETP wrapper."

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