Bitcoin Hovers Near $51.6K; Crypto Market Cap Grows To $2 Tn
By Laxmikant Khanvilkar
Virtual digital assets (VDA) largely quoting higher in the last 24-hours led by increased whale activity while fall in net inflows into the 10 spot bitcoin exchange-traded funds (ETFs) seen limiting gains.
As per the on-chain platform firm IntoTheBlock, Bitcoin (BTC) worth $540 million were moved out of exchanges last week, the highest net outflow in eight months, signaling a significant shift in investor sentiment.
However, the price of bitcoin has stuck around $52,000 mark for the past week, which according to analysts is indicating moved out of exchanges last week. This marks the highest net outflow in eight months, signaling a significant shift in investor sentiment. The grand old cryptocurrency is currently trading at $51,706 up 0.4%.
The bullish undertone is bolstered by the timing of whale activity that coincides with the launch of spot bitcoin ETFs in January, underlining investor confidence in the long term potential.
Ether (ETH), the native token to the Ethereum network, has surpassed crucial resistance level of $3,000. The second largest cryptocurrency was recently quoting 4% higher at $3,116. The token added 17% in the last few week, outpacing other cryptocurrencies. ETH surged nearly 35% since the beginning of 2024, BTC rose 22%.
Broader market are largely trending mixed with Binance BNB token maintaining its defiant mode. Other large tokens such as XRP, Cardano, etc were languishing in the negative territory.\
The global crypto market cap increased 1.26% to $2 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 7.6% to $52.7 billion. Total volume in DeFi is currently $5.5 billion, and all stablecoins are $44.6 billion, representing 10.5% and 84.6%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.8%, down 0.4% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 1.35% to 67,373.
Meanwhile, a federal judge has signed off on Binance’s $4.3 billion plea deal with the U.S. Department of Justice.
In another development, the U.S.-based forex pioneer OANDA is opening a cryptocurrency trading platform in the UK, registered with the country’s regulator, the Financial Conduct Authority (FCA), based in London and dubbed OANDA Crypto.
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