Bitcoin on display.
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Investors who are bullish on cryptocurrencies are betting more on the digital assets than stocks.
In September, crypto investors put an average of $263 into accounts dedicated to coins, more than the average $250 they put in traditional brokerages during the month, according to a recent survey from Cardify.
“Month over month, the amount that users are putting into either crypto or traditional investments have shifted,” said Amber Foucault, head of product at Cardify. So far this year, nearly 25% of the money that investors are putting away is going to cryptocurrencies, a big jump from 5% last year, she added.
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Many of the volatile assets have seen solid performance in recent days. On Wednesday, bitcoin jumped more than 4% to top $66,893.22, an all-time high for the cryptocurrency. The digital asset is up about 130% year to date.
The asset price was supported by the Tuesday launch of the ProShares Bitcoin Strategy ETF, which tracks bitcoin futures. Other cryptocurrencies have also risen on the positive sentiment. Ethereum jumped about 7% Wednesday to $4,087. XRP and Cardano also gained Wednesday.
Learning while investing
The shift towards favoring cryptocurrency over stocks is being driven by novice investors