Bitcoin Above $50K; Franklin Templeton’s Filling Boosts ETH
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are riding the fresh wave of confidence after experiencing two years of dismay and distrust. In the last 24-hours Bitcoin (BTC), the largest cryptocurrency by market capitalisation, broke above $50,000 level for the first time since late 2020 as the U.S. based spot bitcoin exchange traded funds (ETFs), have witnessed record net inflows never seen before similar product in the history. Bitcoin recently changed hands at $50,146 up 3.2%. Although, the Grayscale Bitcoin Trust (GBTC) has witnessed an increase in outflow, sizable inflows have continued into the new products. These ETFs are adding more Bitcoins than Grayscale sheds. Further, just 900 newly mined bitcoin hit the market each day, which will be reduced to 450 a day when the Bitcoin halving occurs in April.
Ethereum (ETH), the second largest cryptocurrency, has also gained traction after Franklin Templeton applied for a spot Ethereum exchange-traded fund (ETF), with the Securities and Exchange Commission (SEC) shows.
That piece of information helped push ETH through $2,600 mark. Most recently it traded at $2,668 up 6.3%. Today the blockchain will undergo its much awaited Dencun upgrade, which is a cost effective layer 2 network.
The broader altcoin markets, too seeing a positive influence with BNB, XRP and Chainlink tokens, trading in the green.
The global crypto market cap increased 3.6% to $1.88 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 57% to $71.7 billion. Total volume in DeFi is currently $5.9 billion, and all stablecoins are $64.9 billion, representing 8.3% and 90%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.3%, down 0.12% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 3.4% to 63,478.
Meanwhile, the Federal Reserve official comments will be closely watched as the key macro indicator releases are awaited.
Elsewhere, the Ethereum network is witnessing a spike in the number of validators looking to stake their ether.
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