Crypto Market Cap Rises to $2.24T as Bitcoin Begins to Recover
The global crypto market capitalisation rose by 0.33% day on day as Bitcoin started to recover. The selloffs in the world’s largest crypto asset had plunged heavily below $64,000 before it started to pick up.
BTC-USD switched to recovery mode 13 basis points price uptick on Thursday. Ethereum is also making a comeback, up by 0.29% over the day in the market.
According to CoinMarketCap.com, the total crypto market volume over the last 24 hours reached $64.6 billion, which makes a 14.55% decrease in transactions.
Also, total volume in DeFi settle at $3.98 billion on Thursday, accounting for 6.17% of the total crypto market 24-hour volume.
Meanwhile, the volume of all stable coins was $58.99 billion, which is 91.32% of the total crypto market 24-hour volume.
The latest rally was supported by improved sentiment in Exchange Traded Fund. Spot bitcoin exchange-traded funds in the U.S. posted their fifth consecutive day of total daily net inflows on Wednesday, worth $105.84 million.
BlackRock’s IBIT, the largest bitcoin ETF by net assets, reported daily net inflows of $184.38 million yesterday, according to data from SoSoValue.
Spot ether ETFs also posted net inflows on Wednesday, totaling $43.23 million. Grayscale Ethereum Mini Trust led the inflows with $26.63 million worth of positive flows.
Trading data from the previous day showed that most major digital assets declined Wednesday with bitcoin (BTC-USD) dipping below $64,000.
The CoinDesk Market Index, which tracks 134 digital assets, was up 0.4% in the past 24 hours. The Nasdaq 100 fractionally up, while the Dow Jones Industrial Average and the S&P 500 fell 0.7% and 0.2%, respectively.
Bitcoin, the most popular cryptocurrency, dropped 1.3% to $63,280, with a 24-hour trading volume of $27.1 billion, down 1.6%, according to CoinMarketCap data.
Ethereum (ETH-USD), the second-largest digital asset, fell 2.9% to $2,576.
BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, lost 3.4%, while Solana (SOL-USD), the fourth-largest, climbed 1.7%.
XRP (XRP-USD) was 1% lower, while Cardano (ADA-USD) dipped 0.6%. Dogecoin (DOGE-USD) fell less than 0.1%.
The US 10-year Treasury yield closed at 3.781%, up from Tuesday’s close of 3.736%, while the five-year yield closed at 3.518%, up from 3.48%. #Crypto Market Cap Rises to $2.24T as Bitcoin Begins to Recover
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