WASHINGTON (dpa-AFX) - Continuing flows to Bitcoin Spot ETF products propelled Bitcoin above the $60k level, catalyzing further gains across the crypto hierarchy. Bitcoin jumped to just 12 percent below the all-time high of $68.8k recorded in November 2021, amidst reports of massive inflows to BlackRock's iShares Bitcoin Trust (IBIT) on Tuesday.
Overall crypto market capitalization jumped 4.2 percent to $2.24 trillion, versus $2.14 trillion a day earlier. The 24-hour trading volume however slipped 4.7 percent overnight to $111 billion.
ETF frenzy has been the dominant theme behind the recent crypto market momentum. After the SEC's approval for Bitcoin Spot ETF products in mid-January, markets have now started pricing in the likelihood of regulatory approval for Ethereum Spot ETF products. The ETF euphoria explains to a great extent the jump in overall crypto market capitalization, which was $1.94 trillion a week ago, $1.63 trillion a month earlier and $1.07 trillion a year ago.
Bitcoin touched a high of $60,661.82, earlier in the trade, a level last recorded in December 2021. It is currently trading at $60,599.51, implying overnight gains of 6.4 percent, weekly gains of 15.8 percent and year-to-date gains of 47.5 percent. Bitcoin's overnight rally has lifted its crypto market dominance to 52.7 percent, from 51.98 percent a day earlier.
Bitcoin is currently ranked 10th in the global ranking of all assets according to companiesmarketcap.com. With a market capitalization of $1.19 trillion, Bitcoin is lagging behind 9th ranked Meta Platforms which commands a market cap of $1.24 trillion but way ahead of Berkshire Hathaway which commands a market cap of $885.77 billion and is ranked 11th overall.
Latest data from Farside Investors shows the net cumulative Bitcoin Spot ETF flows surpassed $6.7 billion on February 27. Considering the cumulative outflows of $7.6 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted on January 11 is close to $14.3 billion. Net inflows amounted to $577 million on Tuesday, versus $520 million on Monday and $233 million on Friday.
iShares Bitcoin Trust (IBIT) topped with cumulative inflows of $6.5 billion, followed by Fidelity Wise Origin Bitcoin Trust (FBTC) that witnessed cumulative inflows of $4.5 billion. ARK 21Shares Bitcoin ETF (ARKB) witnessed inflows of $1.5 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $1.1 billion. The top-four ETFs together account for more than 95 percent of the total inflows.
Ether surged 3.2 percent overnight. The leading alternate coin touch a 24-hour high of $3,366.61 and is currently trading at $3,364.66, around 31 percent below the all-time peak. Ether has added 15.8 percent in the past week and 47.5 percent in 2024. Ether currently dominates 17.95 percent of the overall crypto market versus 18.2 percent a day earlier.
Market capitalization of stablecoins edged up quarter percent to $141.26 billion but market dominance dropped to 6.3 percent.
17th ranked Uniswap (UNI) is the highest ranking non-stablecoin crypto to trade with overnight losses. UNI has slipped 0.60 percent in the past 24 hours.
95th ranked Dymension (DYM) is the highest ranking non-stablecoin crypto to trade with weekly losses. DYM has shed 12.8 percent in the past week, amidst overnight losses of more than 2 percent.
6th ranked XRP (XRP) is the highest ranking crypto to trade with year-to-date losses. XRP has shed 4.6 percent in 2024 at its current price of $0.5865.
65th ranked Pepe (PEPE) topped overnight gains with a surge of close to 52 percent. The meme coin has gained 191 percent in the past week and 155 percent in 2024.
59th ranked Arweave (AR) followed with overnight gains of 43.8 percent. 15th ranked Toncoin (TON) has also surged around 30 percent in the past week.
52nd ranked Beam (BEAM), 85th ranked Pyth Network (PYTH), 39th ranked Lido DAO (LDO) and 54th ranked Flare (FLR) have all slipped 4 percent or more in the past 24 hours.
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