The total cryptocurrency market capitalization exceeded $2 trillion on February 27th, its highest level since April 2022. Bitcoin led the charge as its price hit a high of $57,535, sparking a wider altcoin rally.
Ethereum gained 7% to reach $3,250. Solana was up 9% to $110, while XRP, Cardano, and Avalanche posted gains between 5-7%. Meme token Dogecoin saw a more significant 15% growth.
This resurgence brought the crypto market cap to $2.14 trillion, surpassing the valuations of Amazon and Alphabet. The cap has more than doubled since its 2022 low of $978 billion last September. Analysts now expect further new highs.
Driving the rebound are consistent inflows into Bitcoin spot exchange-traded funds (ETFs) totaling $5.5 billion. Grayscale Bitcoin Trust outflows simultaneously slowed to just $22 million.
BlackRock’s Bitcoin ETF IBITI attracted 99% of total crypto inflows last week, worth $569.5 million. Assets under management hit $67.5 billion. Bitcoin ETFs like BlackRock’s are rallying in sync, outperforming major ETFs.
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