Bitcoin (BTC) has surged for six consecutive days, reaching a new all-time high with a market value of $1.4 trillion, surpassing silver’s market cap of $1.38 trillion.
The cryptocurrency’s momentum is driven by massive inflows into U.S. spot Exchange-Traded Funds (ETFs), which hit $100 billion in total trading volume last Friday, according to crypto-specialized website The Block.
BlackRock’s ETF has even overtaken MicroStrategy, a software company known as the market’s largest publicly traded BTC holder, in Bitcoin exposure.
“With all nine weeks of Bitcoin ETF activity combined, BlackRock’s financial product leads with 196,088 BTC added to its holdings,” said André Franco, head of research at MB.
Collectively, the batch of 11 Bitcoin ETFs holds about 809,000 units of Bitcoin.
As of this Monday morning, the leading cryptocurrency is up by +3.00%, trading at $71,752, marking the highest price in its history.
This year, BTC has already seen a +70% increase in value compared to the S&P 500’s 8% rise.
In addition to ETF activity, optimism surrounding the halving, an event scheduled for April that cuts BTC’s issuance in half, is also boosting the cryptocurrency.
Based on chart patterns, technical analysts predict the digital asset could reach $100,000 by 2025.
Altcoins on the Rise
Major altcoins are also experiencing positive movements this morning.
Ethereum trades above $4,000 due to an update and potential U.S. Ether ETFs buzz.
Standard Chartered expects the SEC to approve Ether ETFs by May 23, the decision deadline.
BNB, Solana, and XRP gain. FLOKI surges by +20.60%, NEAR by +20.50%.
In Wall Street, U.S. futures indices are down, as investors await inflation data.
The Dow Jones Future drops by -0.20%, the S&P 500 Future by -0.10%, and the Nasdaq Future by -0.20%.
Performance of Key Cryptocurrencies at 8:00 AM:
- Bitcoin (BTC): $71,752 (+3.00%)
- Ethereum (ETH): $4,030 (+1.80%)
- BNB Chain (BNB): $530 (+1.30%)
- Solana (SOL): $148 (+1.50%)
- XRP (XRP): $0.6288 (+1.00%)
Top Gainers in the Last 24 Hours:
- FLOKI (FLOKI): $0.0002833 (+20.60%)
- NEAR Protocol (NEAR): $7.18 (+20.50%)
Biggest Decliners in the Last 24 Hours:
- Ribbon Finance (RBN): $1.57 (-5.70%)
- dogwifhat (WIF): $2.22 (-5.60%)
Performance of Crypto ETFs in the Last Trading Session:
- Hashdex NCI (HASH11): R$55.00 (+2.04%)
- Hashdex BTCN (BITH11): R$80.00 (+2.57%)