This week was marked by an upswing in the market as the price of top crypto assets surged following increased investor activity. A glance at the cryptocurrency charts shows heightened bullish activity in the last seven days. The total market capitalization now stands at $2.66 trillion while 24-hour trading volumes are at $87.8 billion.
This week’s highs were preceded by slight liquidations caused by microeconomic and market factors. Despite this, the market regained its momentum as BTC reclaimed $70,000. The Coinbase case with the Securities and Exchange Commission (SEC) and Kucoin’s saga slowed sentiments but the flow was reversed upwards.
Bitcoin
The market leader dragged crypto assets to highs this week as it recorded net institutional inflows. Bitcoin posted outflows the previous week sparking sell-offs in the market but has notched a sharp correction with analysts projecting a higher price. At press time, BTC trades at $70,371, an 11% high this week boosting its monthly flows to 16.69%.
Spot Bitcoin ETFs remain a key factor behind record inflows to the asset. The successes of the ETF have led to talks on other crypto assets ETFs. Another major bullish driver for the BTC is the upcoming halving event which has seen miners and tradeds reposition their holdings this month.
Altcoins
Like Bitcoin, altcoins have notched significant gains this week. Ethereum is up 7.38% trading at $3,552 recovering from the previous week’s losses. BNB and Solana also recorded gains of 13.33% and 11.58% respectively in the last seven days.
However, Toncoin (TON) and Internet Computer (ICP) posted higher surges of 21% and 35%, raising the capital of the altcoin market. The rise of Bitcoin sparked a push among other crypto assets as Ethereum anticipates its own ETF. Analysts suggest that a spot Ethereum ETF in the United States will drive investment in the asset coupled with its staking feature.
Memecoins
The memecoin ecosystem is up 7% in the last 24 hours and has shown weekly inflows across several sectors. Dogecoin and Shiba Inu soared 40% and 15% in the last seven days. Meanwhile, the Solana ecosystem posted growth with a 13.5% increase today. Notably, it’s top two assets dogwifhat and BONK notched 67.7% and 21.8% weekly growth.
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This news is republished from another source.
