isn't running alongside meme stocks as it did three years ago, although this week's stock market action might indicate a big crypto rally is on its way.
To be sure, there's a world of cryptocurrencies beyond bitcoin that includes meme coins. Still, they haven't joined the party in the same way.Bitcoin is widely considered in a class of its own within the crypto world, driven by macro factors when there aren't specific catalysts to consider, such as the launch of U.S. bitcoin exchange-trade funds or the Bitcoin halving that takes place every four years.
This year, the U.S. permitted the introduction of the first bitcoin ETFs, pushed largely by BlackRock, the largest asset manager in the world. The funds are expected to attract new types of investors, steady flows of new cash, all while reducing volatility. Plus, the 2023 regional banking crisis in the U.S. that kicked off the current bitcoin cycle alterted many people to cryptocurrency's potential as an alternative financial system and hedge against uncertainty.