Bitcoin Flirts With $40,000 | Crypto On 30 Under 30

The leading cryptocurrency reached a 19-month high.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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BITCOIN ON TRACK FOR STRONG YEAR-END

The original cryptocurrency extended its rally this week to a 19-month high of $38,939, putting the $40,000 mark in sight. The token is up more than 130% year to date, rising on optimism that a hoped-for approval of a spot exchange-traded fund will lead to more investments in the digital-asset sector and hopes for Federal Reserve interest-rate cuts next year.

As of Friday afternoon, Solana’s sol is also on track for a 5.5% gain this week. Analysts attribute the performance to a post-FTX relief rally–the bankrupt exchange still has about 10% of the tokens in its coffers–and improving market sentiment.

CRYPTO ON FORBES 30 UNDER 30

While the digital-asset market suffered from waning interest among consumers and venture capitalists, crypto entrepreneurs continued to innovate and earned strong representation on this year’s Forbes 30 Under 30 list, filling up a third of the Finance category. From spawning bitcoin ATMs to gamifying blockchain education, these youngsters are navigating tough terrain and making an outsized impact.

Others like the founders of Meow found new success in boring old Treasury bills. Read the cover story about the neobank’s hard pivot.

And how could we forget to mention our stars-turned-duds like Sam Bankman-Fried and Caroline Ellison? Check out the 10, out of 10,000, previous honorees that we’d like to walk back.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$38,820

2.8%

Ether (ETH)

$2,095

0.4%

Tether (USDT)

$1.00

0%

Binance Coin (BNB)

$229

1.8%

XRP (XRP)

$0.61

1.3%

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on December 1, 2023.

Explore the Under 30 2024 list on the blockchain

The highly anticipated annual Under 30 list has officially gone web3. See how Forbes is using the Ethereum blockchain to authenticate and verify data.

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JPMORGAN AND APOLLO EYE TOKENIZED ENTERPRISE BLOCKCHAIN

Tokenization—the process of issuing a digital representation of an asset on a blockchain—has been touted as the future of finance, based on developments like its ability to improve transaction efficiency and break up large assets such as real estate into smaller pieces, but it is yet to make a significant impact. A new initiative led by JPMorgan and Apollo Global Management under the Monetary Authority of Singapore’s Project Guardian has big ambitions. Gain unique insights by delving into Forbes Digital Assets Director of Research Steven Ehrlich's interview with Christine Moy, partner at Apollo, and Tyrone Lobban, a JPMorgan managing director.

Also: Bhutan Built A Bitcoin Mine On The Site Of Its Failed ‘Education City’

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AP