On Wednesday, Bitcoin (BTC) experienced a notable upswing, rising 4.2% against the US dollar, followed by an additional increase of 0.9% today.
This surge has propelled the BTC/USD pair above the $52,000 mark for the first time since December 2021, reaching a peak of $52,500 before slightly retracting to around $52,200, partly due to some investors taking profits.
Despite this, Bitcoin has maintained its market capitalization of over one trillion dollars at the time of this report.
Concurrently, BlackRock’s iShares Bitcoin ETF witnessed a record influx of funds on Wednesday, with $500 million pouring in. Since its inception on January 10, the ETF has attracted over $5 billion in total cash inflows, according to Bloomberg. This influx places the iShares Bitcoin ETF among the top 7% of ETFs worldwide in terms of size.
This remarkable growth is positively influencing spot market prices, even as the Grayscale Bitcoin Trust (GBTC) experiences significant withdrawals. These outflows are somewhat balancing the overall net inflows in the broader Bitcoin ETF sector.
Ethereum (ETH), ranked as the second-largest cryptocurrency globally, also experienced a significant upturn on Wednesday, climbing over 5% against the US dollar.
In the realm of major altcoins, Solana (SOL) and Avalanche (AVAX) have shown impressive performance, registering week-on-week increases of 15% and 20%, respectively.
Meanwhile, BNB, Ripple (XRP), and Dogecoin (DOGE) are trailing with more modest single-digit percentage gains in their market capitalizations.
The global cryptocurrency market capitalization currently stands at approximately $1.96 trillion, with Bitcoin accounting for 54% of this total market share.
The Bitcoin price is $52,462.30, a change of 1.04% over the past 24 hours as of 3:05 p.m
