Cryptos Whipsaw As Bitcoin Peaks, Plunges And Rebounds

After much anticipation, Bitcoin, the original cryptocurrency finally hit a fresh peak of $69,170.63 on March 5, 2024. Bitcoin’s surge lifted overall crypto market capitalization to a high of $2.57 trillion.

The euphoria was short-lived as Bitcoin soon plunged to a low of $59,323.91. Nevertheless, the cryptocurrency staged a spectacular rebound and is currently trading at $66,311.97, dropping 4 percent from the peak.

Bitcoin’s plunge following the moment of crowning glory dragged overall crypto market cap to a low of $2.26 trillion, before rebounding to its current level of $2.48 trillion.

Overall crypto market mood remains muted with 75 of the top 100 cryptocurrencies recording overnight losses of more than a percent. Only 13 of the top 100 cryptocurrencies have recorded overnight gains of more than a percent.

Meme cryptos which rode piggyback on Bitcoin’s climb to a fresh peak have also dropped heavily. While overall market cap declined 2.4 percent, meme cryptos witnessed an overnight dip of 12.6 percent in market capitalization amidst a 19-percent decline in 10th ranked Shiba Inu (SHIB) and a more than 14 percent erosion in 9th ranked Dogecoin (DOGE).

Nevertheless, meme cryptos continue to top price charts on an overnight, weekly as well as year-to-date basis. 51st ranked dogwifhat (WIF) clocked highest gains on an overnight basis with a surge of close to 25 percent.

10th ranked Shiba Inu (SHIB) tops weekly gains with an addition of 207 percent. 51st ranked dogwifhat (WIF), 71st ranked FLOKI (FLOKI) and 39th ranked Pepe (PEPE) have all added more than 100 percent in the past week. 50th ranked Bonk (BONK) follows with weekly gains of more than 93 percent.

51st ranked dogwifhat (WIF), 39th ranked Pepe (PEPE) and 71st ranked FLOKI (FLOKI) are the top gainers over the 30-day horizon as well as the year-to-date period.

Bitcoin’s tryst with a new peak, has revived speculations about altcoins following suit to touch fresh peaks. Despite outperforming Bitcoin on a year-to-date basis, Ethereum, the leading alternate coin is currently trading at $3,843.58, around 21 percent below the all-time high.

Currently, among the top 100 cryptocurrencies, only 5 are trading within 5 percent of all-time highs. This includes 27th ranked optimism (OP) trading 5 percent lower, 29th ranked Bittensor (TAO) trading 5 percent lower, 64th ranked Fetch.ai (FET) trading 2 percent lower, 40th ranked Mantle (MNT) trading 3 percent lower and 51st ranked dogwifhat (WIF) that touched a fresh peak just a while ago.

Among the top-ranked cryptocurrencies, 4th ranked BNB (BNB) edged up 0.30 percent to trade at $422.35. 5th ranked Solana (SOL) has slipped 3.3 percent in the past 24 hours to trade at $127.73. Amidst an overnight plunge of 7.4 percent 6th ranked XRP has slipped into negative territory on a year-to-date basis. 8th ranked Cardano (ADA) has slipped 7.7 percent overnight to trade at $0.715.

Even as crypto markets celebrated Bitcoin’s fresh peak, ETF flows to Bitcoin spot ETF products continued unabated.

Latest data from Farside Investors shows the net cumulative Bitcoin Spot ETF flows surpassed $8.6 billion on March 5. Considering the cumulative outflows of $9.6 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted on January 11 is close to $18.2 billion. Net inflows amounted to $648 million on Tuesday versus $563 million on Monday.

iShares Bitcoin Trust (IBIT) topped with cumulative inflows of $9.2 billion powered by record inflows of $788.3 million on Tuesday. Fidelity Wise Origin Bitcoin Trust (FBTC) followed with cumulative inflows of $5.3 billion. ARK 21Shares Bitcoin ETF (ARKB) witnessed inflows of $1.7 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $1.3 billion.

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