Bitcoin’s Surge Boosts Token Prices

Bitcoin's Surge Boosts Token Prices
Bitcoin's Surge Boosts Token Prices

Overall, Bitcoin’s market cap increased to $930 billion, marking a strong recovery for the cryptocurrency market.

The increase in value of Bitcoin (BTC) pushed up token prices globally, as the most prominent cryptocurrency asset gained more than 4 percent in a single day and approached a market capitalization of one trillion dollars.

The total market capitalization of cryptocurrencies increased by over 2% on February 9, resulting in price increases for numerous digital assets within the sector. As markets surged upward, two tokens, per CoinMarketCap, achieved double-digit gains.

The 24-hour price increase for the well-known Solana-based memecoin Bonk (BONK) exceeded 14%, and trading volume surpassed $147 million within a day.

BONK emerged as a prominent figure amidst the meme frenzy that engrossed participants in decentralized finance in the late 2023 period.

The one-day trading volume of the cross-chain liquidity protocol THORChain (RUNE) surpassed $380 million, resulting in a nearly 13% increase in value to approximately $5.34. Users of cryptocurrencies, including Bitcoin, can exchange digital tokens across multiple blockchains via this platform.

BTC price surge above $47,000 for the first time since January is probably a significant factor in the cryptocurrency market’s recovery. Bitcoin, the preeminent cryptocurrency, experienced a surge of over 4% and maintained trading volumes of approximately $35 billion.

Spot Bitcoin ETFs Experience Record Inflows

As of press time, Bitcoin’s market capitalization had increased by 4.6% to $930 billion. The increase in BTC statistics transpired one day after spot BTC exchange-traded funds (ETFs) experienced their most favorable trading day since January 17.

Over $400 million was invested in spot BTC ETFs, and Overall, Bitcoin’s market cap increased to $930 billion, marking a strong recovery for the cryptocurrency market. accumulated over 9,000 BTC as the underlying assets for their respective funds, according to research by BitMEX.

According to ETF specialist James Seyffart, this is the third-greatest inflow day for these products, which are still in their infancy.

Since the commencement of trading less than a month ago, the new spot BTC ETFs have accumulated more than 200,000 Bitcoins, excluding Grayscale’s converted GBTC.