The cryptocurrency market is witnessing a massive influx of funds as investors and traders rush to buy cryptocurrencies amid a bullish frenzy.
The cryptocurrency market is witnessing a massive influx of funds as investors and traders rush to buy cryptocurrencies amid a bullish frenzy.
According to the cryptanalyst AliAround $48.54 billion is flowing into the cryptocurrency market, the largest capital inflow since October 2021.
Ali uploaded a Glassnode chart showing the “aggregate market realized value net position change” to support this claim. On March 2, positive 30-day capital inflows in dollars amounted to $48,541 million. The net position change of Bitcoin and Ethereum in USD is $43.57 billion. The chart graph shows that the market is close to these figures at the moment.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, broke through the $65,000 resistance mark during today’s trading session.
The leading cryptocurrency gained for the second day in a row, approaching its all-time high of around $69,000, driven by anticipation of strong demand for exchange-traded funds.
Bitcoin hit $65,614, its highest level since November 2021, and is up 6.14% in the last 24 hours to $65,407.
At the center of this Bitcoin frenzy is the seemingly insatiable demand for US-listed Bitcoin ETFs, which began trading on January 11. Bitcoin has gained more than 186% in the last 12 months.
Since the launch of the US Bitcoin ETFs, some of the biggest names, including BlackRock Inc. and Fidelity Investments, have invested a net total of $7.35 billion.
Small-cap tokens, or altcoins, soared in response to Bitcoin’s rally. At the time of publication, Dogecoin had risen approximately 27% and Shiba Inu by 34% in the previous 24 hours. PEPE, a frog-themed cryptocurrency, rose 66% over the same period, while BONK, Fantom (FTM), FLOKI, and Dogwifhat (WIF) rose 58%, 27%, 34%, and 16%, respectively.
This is reminiscent of the 2021 bull run, where retail traders attempted to quickly profit from rising prices of highly volatile tokens. At press time, the global cryptocurrency market capitalization was $2.43 trillion.
