Altcoins
Part of the high-flying week of BTC and Altcoin
This week saw a market rally as the price of major crypto assets surged following increased investor activity. A glance at cryptocurrency charts shows increased bullish activity over the past seven days. The total market capitalization now stands at $2.66 trillion, while 24-hour trading volumes stand at $87.8 billion.
This week’s highs were preceded by slight selloffs driven by microeconomic and market factors. Despite this, the market regained momentum as BTC reclaimed $70,000. The Coinbase affair with the Securities and Exchange Commission (SEC) and the Kucoin saga dampened sentiments, but the flow has reversed to the upside.
Bitcoin
The market leader drove crypto assets to record highs this week as it saw net institutional inflows. Bitcoin saw capital outflows the previous week, triggering market sell-offs, but saw a sharp correction with analysts predicting a higher price. At press time, BTC is trading at $70,371, a high of 11% this week, bringing its monthly flows to 16.69%.
Spot Bitcoin ETFs remain a key driver of record inflows into the asset. The ETF’s successes have led to discussions of other crypto asset ETFs. Another major bullish driver for BTC is the upcoming halving event, which has seen miners and traders reposition their holdings this month.
Altcoins
Like Bitcoin, altcoins saw significant gains this week. Ethereum is up 7.38% at $3,552, recovering from losses from the previous week. BNB and Solana also recorded gains of 13.33% and 11.58% respectively over the past seven days.
However, Toncoin (TON) and Internet Computer (ICP) saw higher gains of 21% and 35%, increasing capital in the altcoin market. Bitcoin’s rise has sparked a surge among other crypto assets as Ethereum anticipates its own ETF. Analysts suggest that a US Ethereum spot ETF will boost investment in the asset, coupled with its staking feature.
Coins
The memecoin ecosystem is up 7% in the last 24 hours and has seen weekly inflows across several sectors. Dogecoin and Shiba Inu have soared 40% and 15% over the past seven days. Meanwhile, the Solana ecosystem has shown growth with a 13.5% increase today. Notably, its two main assets, Dogwifhat and BONK, recorded weekly growth of 67.7% and 21.8%.
Read also: Today’s crypto winners
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.