Crypto Market Cap Hits $2.62T as Bitcoin Crosses $70K
Bitcoin price is back trading above $70,000 after weeks of sideways price action across the market. The world’s largest digital cryptocurrency asset and other cryptocurrencies were rising early Wednesday.
Bitcoin reacted positively to high inflows into exchange-traded funds holding the token. Meanwhile, the price movement has also lifted cryptocurrency market capitalisation above $2.6 trillion.
Data from Coinmarketcap.com revealed that the global crypto market cap is $2.62 trillion, a 1.87% increase over the last day. The total crypto market volume over the last 24 hours is $93.68 billion, which is a 25.08% increase.
The total volume in DeFi is currently $6.91 billion, 7.38% of the total crypto market 24-hour volume. The volume of all stable coins is now $87.78 billion, which is 93.70% of the total crypto market 24-hour volume.
At the press time, Bitcoin’s dominance is currently 53.16%, a decrease of 0.05% over the day. Bitcoin has experienced significant price movement in recent trading sessions, raising both optimism and caution among investors.
BTC hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
However, on Tuesday, spot Bitcoin ETFs received $886.6 million in inflows, according to crypto data firm CoinGlass. That was the best day of inflows since March and the second-largest amount of inflows in a single day since the spot ETFs launched at the start of this year.
“During the past week, BTC Spot ETFs experienced gradual and consistent inflows,” wrote Matteo Greco, an analyst at digital asset investment group Fineqia International, in a research note.
“This marks the third consecutive week of positive flow, signalling a reversal in trend after five weeks of subdued demand…with the overall net inflow since inception approaching nearly $14 billion,” Greco wrote.
Ether — the second-largest crypto — was up 1.0% at $3,798 and is up 20% over the past month. The Securities and Exchange Commission recently approved critical rule changes to allow spot Ether exchange-traded funds to trade.
However, it could still take weeks or months before issuers receive final permission to launch their products. Smaller cryptos or altcoins were mixed, with Solana rising 4.9% and Cardano gaining 1.4%. Naira Rises by 19% as Forex Market Pressures Ease
Dogecoin climbed 3.2%. Dogecoin is rapidly gaining traction as whale-tier transactions are on the rise, with 6.52 billion DOGE transacted in the last 24 hours. From a price perspective, Dogecoin is slowly moving in an uptrend, but it does not yet have enough conviction to break the upcoming resistance level of $0.174 #Crypto Market Cap Hits $2.62T as Bitcoin Crosses $70K
