The global cryptocurrencycurrency market capitalization exceeded $2 trillion on February 27th, reaching its biggest level since April 2022. Bitcoin led the surge, reaching a high of $57,535, spurring a broader altcoin rise.
Ethereum rose 7% to $3,250. Solana rose 9% to $110, while XRP, Cardano, and Avalanche advanced 5-7%. The meme token Dogecoin had a 15% increase.
This comeback increased the cryptocurrencycurrency market capitalization to $2.14 trillion, surpassing the valuations of Amazon and Alphabet. Since hitting a low of $978 billion in September 2022, the limit has more than doubled. Analysts anticipate further new highs.
The rally is being driven by regular inflows of $5.5 billion into Bitcoin spot exchange-traded funds (ETFs). Grayscale Bitcoin Trust outflows have decreased to $22 million.
BlackRock’s Bitcoin ETF IBITI received 99% of total cryptocurrencycurrency inflows last week, totaling $569.5 million. Assets under control reached $67.5 billion. Bitcoin ETFs, such as BlackRock’s, are surging in tandem, outperforming larger ETFs.
More From Crypto SA
