Crypto Markets Euphoric As Bitcoin Rises To A New High Above $72k

Crypto market enthusiasm continued unabated as Bitcoin; the original cryptocurrency jumped to a fresh all-time high of $72,377.66. Record inflows to Bitcoin spot ETF products and renewed rate cut hopes propelled Bitcoin’s surge.

Overall crypto market capitalization jumped 3.5 percent overnight to $2.7 trillion whereas the 24-hour trading volume jumped 49 percent to $150.6 billion.

The massive flows to Bitcoin Spot ETF products have boosted sentiment for the cryptocurrency also. According to data from Farside Investors, the cumulative Bitcoin Spot ETF flows is a tad below $9.6 billion on March 8. Given the cumulative outflows of $10.6 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted on January 11 now exceeds $20 billion.

Cumulative inflows to iShares Bitcoin Trust (IBIT) surpassed $10 billion boosting sentiment for Bitcoin. Fidelity Wise Origin Bitcoin Trust (FBTC) witnessed cumulative inflows of $6.2 billion. ARK 21Shares Bitcoin ETF (ARKB) has witnessed inflows of $1.8 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $1.4 billion.

Fed Chair Jerome Powell’s recent Congressional testimony has also boosted sentiment for Bitcoin. The Fed Chair assured that rate cuts were indeed coming, lifting sentiment for cryptocurrencies in general and Bitcoin in particular. The CME FedWatch tool shows interest rate traders assigning a more than 68 percent probability for Fed rate cuts in the FOMC review scheduled for June 2024.

Bitcoin is currently trading at $72,077.91, rallying 3.9 percent in the past 24 hours. The leading cryptocurrency has surged 9 percent in the past week and more than 70 percent in 2024. The leading cryptocurrency currently commands 52.3 percent of the overall crypto market.

Bitcoin’s climb has lifted it to rank 8 in the global ranking of all assets according to market capitalization, published by companies marketcap.com.

Ethereum surpassed the psychological $4k level, touching a high of $4,065.82 in the past 24 hours. The leading alternate coin has gained 3.4 percent overnight, 14 percent in the past week and almost 77 percent in 2024 at its current price of $4,032.90.
The leading altcoin currently commands 17.9 percent of the overall crypto market.

Ether’s surge has lifted it to rank 19 in the global ranking of all assets according to market capitalization, published by companies marketcap.com.

40th ranked Theta Network (THETA) tops overnight gains with a surge of close to 25 percent, followed by 51st ranked FLOKI (FLOKI) that has added more than 19 percent overnight.

19th ranked NEAR Protocol (NEAR), 90th ranked Pyth Network (PYTH), 11th ranked Avalanche (AVAX), 20th ranked Litecoin (LTC), 16th ranked Toncoin (TON) and 53rd ranked Algorand (ALGO) have all gained more than 10 percent in the past 24 hours.

83rd ranked Helium (HNT) and 61st ranked dogwifhat (WIF) are the greatest laggards with overnight decline close to 5 percent.

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