For much of the year, Bitcoin has traded in the same way as US stocks, falling when they fall and rising when they have a good day. Not on Monday.
The largest digital coin by market value rose more than 2% at one point at the start of the week to trade around $19,300. The S&P 500, on the other hand, lost as much as 1.3% and was on pace to notch its fifth straight losing session. Ether, Binance Coin, Solana and other cryptocurrencies also advanced.
“A lot of the players still holding crypto now are the stronger hands,” said Andrew Tu, head of growth for crypto algorithmic-trading firm Efficient Frontier.
In fact, the number of so-called hodlers -- investors who are committed to crypto through thick and thin -- with as much as 0.1 BTC has grown in recent months, a trend that’s contrary to past bear markets, according to a note from Bitfinex.
“On-chain data suggests that many of those attracted by rising prices in 2020 and 2021 have stuck around, and they continue to invest a...
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