Bitcoin Tops $57K; BlackRock ETF Hits Record Volume
By Laxmikant Khanvilkar
Virtual digital assets (VDA) continue to experience relentless price up move led by strong investor appetite, especially for recently launched spot Bitcoin (BTC) exchange traded funds (ETFs) in the United States.
The largest cryptocurrency by market capitalisation is sitting atop $57,000 mark in the last 24-hours led by investor buying frenzy for risky assets. It recently exchanged hands at $57,062 up 4.7%.
In the previous session, BTC posted double digit rally, hitting its highest level since late 2021, led by traders from Bitfinex snapping up Bitcoins worth $123 million. Further, the decent buying in spot trade forced bear traders to unwind short positions, which went on to add bullish momentum.
Altcoins too are basking in glory with Ethereum (ETH) taking the driver’s seat. The second-largest crypto asset, is holding on to near 2-year high level of $3,200. It recently traded 2.7% strong at $3,254.
Broader market largely followed the suit with Solana’s native token (SOL), Ripples XRP, AVA, Dogecoin, and others trading in the positive territory.
The global crypto market cap increased 2.77% to $2.14 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 29.9% to $111.8 billion. Total volume in DeFi is currently $8.8 billion, and all stablecoins are $102 billion, representing 7.8% and 91.2%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.15%, up 0.8% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 3.6% to 72,824.
Meanwhile, analysts expect the positive momentum to continue as the spot ETFs have brought in a wave of institutional capital into the bitcoin market, with inflows to the tune of 3,000 BTC per day, coupled with the impending 50% decline in daily BTC generation to 450 following April’s reward halving. Elsewhere, bitcoin related stock, MicroStrategy popped another 10% after receiving buy rating at Benchmark, which excepts Bitcoin to reach $125,000 at the end of 2025.
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