Bitcoin Rises to $51,800 as ETF Inflows Hit $4bn
The cryptocurrency market continues to inch higher as the price of the largest digital asset is getting close to $52,000 following large ETF inflows. The market recorded a surge in the Crypto Fear and Greed Index (CFGI), which hit 74 out of 100 as Bitcoin broke $51,000 price level amidst the latest rally.
Just a day earlier, the CFGI soared to an impressive peak of 79, denoting “extreme greed” and marking its highest point since 2021. Crypto Fear and Greed Index Score. The digital asset climbed above $51,000 apiece Wednesday, extending a recent climb and pushing its market cap past $1 trillion, according to data from CoinMarketCap.
Bitcoin’s market cap last hit that level in late 2021. Bitcoin has risen in recent weeks in part from enthusiasm over U.S. exchange-traded funds that directly hold Bitcoin. Its rise also lifted shares of crypto companies. Shares of crypto exchange Coinbase Global and bitcoin miner Marathon Digital Holdings each jumped more than 10%.
Bitcoin is up around 6% on the day so far at $51,800, Ethereum is up 4.3% at $2,750, and some altcoins matching, or far surpassing these gains, the market has entered into the extreme greed sector of the Fear and Greed Index.
Net inflows into newly approved U.S. spot bitcoin ETFs have reached a total of $4 billion as of Tuesday, according to CoinShares Head of Research James Butterfill. Nigeria: Banks Face Risks over 24hrs FX Positions Sell Down
“Yesterday saw the largest net inflows of $651 million since the launch day on January 11,” Butterfill posted on X.com. Spot bitcoin ETFs began trading on Jan. 11, 2024, when 11 funds were approved from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
The hottest meme coin on Solana has surged an astonishing 21% today, hitting a remarkable 0.46 cents — the highest level since mid-January. As of the latest data, ADA is trading at $0.5738, demonstrating a 3.8% increase in the past day alone. This surge in value has propelled its market capitalization to $20.3 billion, showcasing a similar 3.8% increase.
The current sentiment toward Cardano’s price prediction appears bullish, with the Fear & Greed Index standing at 74 (Greed), indicating growing investor optimism. Furthermore, Cardano boasts a circulating supply of 33.82 billion ADA out of a maximum supply of 45.00 billion ADA, highlighting its potential to meet liquidity demands amid adoption growth on the market. #Bitcoin Rises to $51,800 as ETF Inflows Hit $4bn
