Crypto Market Cap Surges to $2 Trillion, Bitcoin Taps $52K as ETH Trades at $2.8K: This Week’s Recap

10 months ago 2

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The past seven days in the cryptocurrency market have been absolutely blasting. The total capitalization soared above $2 trillion for the first time in a long while, as the entirety of the market charts considerable gains.

Bitcoin seems to be ahead of the pack for the most part, charting an increase of more than 10% in the last week. At the time of this writing, the price hovers right around $52K, but it went above it on numerous occasions in the past 24 hours.

The massive rally seems to be driven by consistently high inflows in spot Bitcoin exchange-traded funds. It appears that the investment product is attracting massive interest, with over $4 billion already being poured across a number of these products. BlackRock’s BTC ETF, somewhat expected, is leading the race. What is even more interesting is that gold ETFs are seeing outflows. Many people speculate that investors are turning to BTC instead.

The rest of the market is also well in the green.

Ethereum is trading at almost $2800, up 11% at the time of this writing. The cryptocurrency went above that price earlier this week, but today it seems that the market is in a slight correction.

BNB is up 10%, SOL is up 3.5%, XRP is up 7.1%, ADA is up 9%, and so forth. The entirety of the top 10 by means of total capitalization is trading well in the green.

This is happening more or less three months before the Bitcoin halving takes place in April. This is an event that has historically proven to be incredibly bullish. Coupled with increased inflows on behalf of ETF investors, many analysts and industry experts believe that it will have a positive impact on the market this time around as well.

If one thing is clear, it’s that the weeks ahead are likely to be packed with excitement.

Market Data

Market Cap: $2.034T | 24H Vol: $101B | BTC Dominance: 50%

BTC: $51,792 (+10%) | ETH: $2,775 (+11%) | BNB: $358 (+10.6%)

This Week’s Crypto Headlines You Can’t Miss

This is How Bitcoin ETF Inflows Are Affecting BTC’s Price Movement. Inflows in BTC ETF products have skyrocketed ever since the product was greenlighted by the US SEC. It appears that Bitcoin ETF issuers are currently buying more than 10-12 times the amount of BTC produced on a daily basis.

Top 3 Altcoins That Could Outperform Bitcoin in 2024. Bitcoin’s price is on an impressive run and managed to surge past $52,000 this week. With that in mind, we decided to ask ChatGPT regarding the top 3 altcoins that stand a chance of outperforming BTC this year.

Bitcoin Whales Scoop Up Over 100,000 BTC in 10 Days in Rapid Accumulation. Large Bitcoin investors continue accumulating. Data shows that the so-called whales have bought a whopping 100K worth of BTC in 10 days. This coincides with the increase in price that the market witnessed.

Uniswap Announces V4 Upgrade and Launch But Its ‘Hooks’ Raise Questions. Uniswap has unveiled the fourth iteration of its decentralized exchange this week. The update is likely to be rolled out in the latter part of this year, but some community members and experts have questions surrounding an implementation in the system called “Hooks.”

Gold ETFs Witness $2.4 Billion Outflows Amid Bitcoin ETF Surge. Bitcoin ETFs are all the rage in the cryptocurrency community now, but it appears that interest in them is spreading well beyond the industry. Gold ETFs have, at the same time, witnessed outflows surpassing $2.4 billion.

Bitcoin (BTC) Price Clinches New ATH Record Against Japanese Yen. Bitcoin’s price is soaring across the board but it also managed to hit an all-time high against the Japanese yen. This comes amid times when Japan has lost its position as the world’s third-largest economy.