The ASX was up slightly today after trimming its early falls. The S&P/ASX200 was up 10.0 points to 7,662.80. This index is virtually unchanged over the last five days and the year to date.
The top-performing stocks in this index are Reece Ltd (ASX:REH) and Helia Group Ltd, up 15.77% and 9.22% respectively.
Looking at the sectors shortly before the close, Consumer Staples had a great day gaining 2.33%. The worst performer was Utilities which lost 0.90%, followed closely by Real Estate which dipped 0.87%.
On the small-cap front, the S&P/ASX Small Ordinaries (XSO) fell 0.36% today to 2,949.50. Over the last five days, it is down just 0.07%.
Positive sentiment for Bitcoin
Bitcoin seems to be gaining traction again.
eToro market analyst Josh Gilbert said, "There is so much for investors to be positive about right now, with plenty of catalysts suggesting this rally has further legs.
"We’ve got four or five cuts lined up from the Federal Reserve in 2024, the fourth bitcoin halving that will enhance the asset’s scarcity, and further inflows to bitcoin ETFs after already seeing billions of dollars flow in during the mere weeks since launch.
“The halving is the key catalyst ahead, and investors have been positioning for this since the lows we saw in 2022. We’re now seeing huge trading volumes through the bitcoin ETFs showing the institutional interest that bitcoin has longed for.
"This is just the tip of the iceberg for ETF flows. Retail investors are bullish on bitcoin but the interest is still well away from where we have seen it in previous cycles, leaving the door open to continued buying, especially as the price continues to tick higher.
“Bitcoin has got a lot of momentum and looks to be showing no signs of slowing down given the catalysts mentioned. I think it will continue to move higher in the months ahead, especially if we continue to see these solid ETF volumes. I’d be looking toward the first Federal Reserve rate cut as a target for bitcoin to get close to its record high."
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