Bitcoin Zoom Above $52K; Reclaims $1 tn Mcap
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have experienced a strong follow-on buying in the last 24-hours led by strong net inflows in the spot Bitcoin exchange traded funds (ETFs) and investors raised bets on risky assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, reclaimed the psychologically important levels of $50,000 after surrendering it in the previous session due to the hotter-than-expected U.S. inflation data. That number offers little room for the Federal Reserve to consider cutting interest rate.
However, as mentioned earlier, the increased net inflows in spot ETFs led the rally in Bitcoin, which is currently trading at $52,412 up 5.9%. The rally resulted in BTC’s market value reclaiming $1 trillion, surpassing the milestone for the first time since Dec. 2021.
Among recent ETFs providers, BlackRock’s IBIT continued to mint money. The fund received nearly $500 million in previous session with gradually slowing outflows from the incumbent Grayscale Bitcoin Trust (GBTC). Redemptions are expected pick up soon as crypto lender Genesis received bankruptcy courrt approval to sell its GBTC holdings worth $1.3 billion.
Altcoins too witnessing smart rally. Ethereum (ETH), the second largest cryptocurrency, is not far from $3,000 mark. Most recently it traded at $2,819 adding 7%.
Cardano’s ADA (ADA) and popular meme token dogecoin (DOGE) are leading the gains in broader crypto markets.
The global crypto market cap increased 4.5% to $1.94 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 11% to $86 billion. Total volume in DeFi is currently $6.3 billion, and all stablecoins are $78.4 billion, representing 7.4% and 91.2%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.5%, up 0.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 5.5% to 66,128.
Meanwhile, analysts expect BTC to maintain its uptrend until holding key support level at $46,000, but warned of slowing momentum. The bullish sentiment around bitcoin remains intact, with options traders betting on prices to touch as much as $75,000 in the coming months.
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