WASHINGTON (dpa-AFX) - Bitcoin dazzled as cryptocurrencies surged ahead, amidst a strong bullish momentum triggered by the recent inflows to Bitcoin Spot ETF. The leading cryptocurrency touched a high of $47,610.90 earlier in the trade.
Overall crypto market capitalization jumped to $1.79 trillion, recording overnight gains of 4.6 percent. The rally has been emphatic given the fact that among the top 100 cryptocurrencies, currently only 5 are trading with overnight losses of more than a percent and only 8 are trading with weekly losses of more than a percent.
The brilliant rally has also lifted the crypto asset class to the sixth position in the global ranking of all assets published by companiesmarketcap.com. Only Gold (market cap: $13.71 trillion) as well as four corporates viz Microsoft (market cap: $3.08 trillion), Apple (market cap: $2.91 trillion), Saudi Aramco (market cap: $1.98 trillion) and Alphabet (market cap: $1.82 trillion) command a market capitalization higher than the overall crypto market capitalization of $1.79 trillion. Silver's market capitalization of $1.28 trillion remains below the overall crypto market capitalization.
Bitcoin surged 6.3 percent in the past 24 hours to trade at $47,596.64, a level only 31 percent below the all-time peak. Weekly gains exceed 11 percent, lifting 90-day gains to more than 27 percent. The strong rally also helped Bitcoin improve its market dominance to 52.2 percent of the overall crypto market, from 51.32 percent a day earlier.
Bitcoin's jump coincides with the massive flows to Bitcoin Spot ETFs over the past few days. Data from Farside Investors shows net inflows on Thursday jumping to $403 million, from $145 million a day earlier. The net cumulative Bitcoin Spot ETF flows surpassed $2 billion on February 8. Considering the cumulative outflows of $6.3 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted on January 11 exceeded $8.4 billion.
iShares Bitcoin Trust (IBIT) topped the list with cumulative inflows of $3.5 billion, followed by Fidelity Wise Origin Bitcoin Trust (FBTC) that witnessed cumulative inflows of $2.8 billion.
Sentiment for the leading cryptocurrency has also been supported by the excitement surrounding the potential price spike expected with the next Bitcoin halving event, likely to take place in April 2024.
Amidst the splendid rally, Bitcoin holds the 10th position in the ranking of all assets published by companiesmarketcap.com. Among individual corporates, only Microsoft, Apple, Saudi Aramco, Alphabet, Amazon, NVIDIA and Meta Platforms, command a market capitalization that exceeds the $934 billion market capitalization of Bitcoin.
Ethereum also rallied 4.1 percent in the past 24 hours to trade at $2,519.66. Ether has added 9.6 percent in the past week, 11 percent in the past 30 days and close to 22 percent over the 90-day horizon. Ether's share of the crypto market however slipped to 16.9 percent, from 17.02 percent a day earlier.
Ethereum has also moved up to the 36th position in the ranking of all assets published by companiesmarketcap.com.
4th ranked BNB (BNB) rallied 2.6 percent overnight to trade at $325.66. 5th ranked Solana (SOL) jumped almost 3.5 percent in the past 24 hours to trade at $105.65.
6th ranked XRP gained more than 2 percent to trade at $0.5248. XRP is however saddled with losses of 6.7 percent over the past 30 days and 21.8 percent over the past 90 days, making it the highest ranking crypto to do so.
8th ranked Cardano (ADA) increased 3.3 percent overnight to trade at $0.5423. 9th ranked Avalanche (AVAX) gained 5.9 percent overnight to trade at $37.39. 10th ranked Dogecoin (DOGE) also added 2.6 percent in the past 24 hours and is changing hands at $0.08189.
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