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CDS Crypto News Bitcoin and Ethereum Lead Rally as Crypto Market Cap Surges by 5.09% in 24 Hours

Crypto News

Bitcoin and Ethereum Lead Rally as Crypto Market Cap Surges by 5.09% in 24 Hours

On Wednesday, Bitcoin surged to $64,000, while Ethereum climbed above $3,400.

sevval29/02/20241 Mins read356

Crypto News– On Wednesday, Bitcoin surged to $64,000, while Ethereum climbed above $3,400, reflecting a growing bullish sentiment in the market. According to CoinGlass data, this rally propelled Bitcoin’s monthly returns for February to 47.28%, marking its highest February gain since 2014.

Bitcoin and Ethereum Lead Rally as Crypto Market Cap Surges by 5.09% in 24 Hours

CoinMarketCap data indicates that the total crypto market cap stood at $2.32 trillion at the time of reporting, with a growth of 5.09% in the last 24 hours. Based on current valuations, Bitcoin and Ethereum collectively contribute over $1.6 trillion to the market cap, representing nearly 70% of the global digital assets capitalization.

In the past 24 hours, Bitcoin has seen a gain of 5.88%, with its price reaching $62,740 at the time of writing, according to CoinMarketCap data. This surge also translates to a weekly gain of 20.74%.

Following the approval of eleven spot Bitcoin ETFs, Bitcoin experienced an initial price dip, followed by a significant rally. Analysts attribute this dip to a market rebalancing process, after which the price surge commenced. Many believe that Bitcoin is benefitting from substantial capital inflow into the ETF products, most of which commenced trading in January. According to CoinGlass data, investors have injected $9.87 billion into the ETFs and other BTC exchange-traded products as of the time of this report.

Sources:coinedition

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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