The cryptocurrency market kicked off the week with an impressive surge, clocking in a global market capitalization of $2.8 trillion, showcasing a 1.37% increase in the last 24 hours. Optimism swept through the market with Bitcoin crossing the $85k threshold once again. This morning, it reached an impressive price of $86,366, setting the stage for a potential rally among major altcoins. Additionally, trading volumes reflected this newfound enthusiasm, with total market volume swelling by 31.36% to $55.04 billion, indicating an uptick in both retail and institutional investor participation.
Bitcoin Crosses $85k Mark, Once Again
Bitcoin (BTC), which was hovering around the $83k mark in recent days, made a significant leap to $86k today, reflecting a notable growth of 2.63%. This surge has propelled Bitcoin’s dominance in the market to 60.84%, marking a 0.39% increase over the day. The driving force behind this impressive rebound appears to be a renewed interest from institutional investors. According to Farside Investors, net inflows into US BTC-spot ETFs surged to approximately $744.3 million in the week ending March 21. This marks an end to a five-week streak of outflows, signaling a resurgence of confidence among institutional players eager to capitalize on Bitcoin’s upward momentum.
The iShares Bitcoin Trust (IBIT) emerged as the leading fund with inflows of $537.5 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) also saw significant positive movement, attracting $136.5 million and breaking a seven-week outflow streak. Impressively, these ETFs have recorded six consecutive sessions of inflows since March 14, underscoring a sustained institutional interest.
Ethereum and Altcoins Show Mixed Performance
While Bitcoin stole the limelight, the performance of other major cryptocurrencies was somewhat mixed. Ethereum (ETH) dipped slightly, registering a decrease of around 0.74% to trade at $1,982.76. Throughout the day, ETH’s trading range fluctuated between $1,981.31 and $2,020.62. Nevertheless, Ethereum remains in the spotlight due to Fidelity Investments’ recent filing. The financial behemoth is striving to register a tokenized version of its US dollar money market fund on Ethereum’s blockchain, which could significantly shape the landscape of crypto-backed financial products.
Despite the dip in Ethereum’s value, other altcoins like Solana (SOL) and XRP showed promising gains. XRP recorded an almost 2% increase, reaching $2.42 after hitting an intraday low of $2.38 and a high of $2.45. Solana led the top ten cryptocurrencies with an impressive increment of over 3%, positioning its value at $133.47.
Top Gainers: FORM and TRUMP Token Shine
Among the top performers in the market, Four (FORM) stood out with an 8.46% rally in the last 24 hours, trading at $1.95. Hot on its heels was the OFFICIAL TRUMP (TRUMP) token, which experienced a surge of 7.32%, pushing its price to $11.64. The recent spike in the TRUMP token’s value can be attributed to a social media post from former US President Donald Trump. In his post on Truth Social, he referred to the meme coin as “SO COOL” and dubbed it “The Greatest of them all.” Following his endorsement, the token skyrocketed from $10.91 to $12.11, reflecting an 11% surge before settling at its current price.
Overall, the cryptocurrency market is exhibiting signs of a robust recovery, marked by increased participation and renewed momentum across numerous significant assets. As institutional interest rebounds and influential endorsements drive retail enthusiasm, the market could be on the cusp of a significant transformation.
