Bitcoin (BTC) soared an additional 3% against the US dollar in the early trades of Friday, marking a strong week for the leading cryptocurrency.
Comparing week-to-week, the BTC/USD pair has risen over 8%, reaching a current price of $46,500, as it successfully surpassed the 50-day moving average (MA) trend line.
Initially, in early February, the 50-day MA posed a challenge for Bitcoin’s upward momentum, but a consistent three-day climb has now left that barrier far behind.
A key factor in Bitcoin’s recent surge is the significant inflows into BlackRock’s iShares Bitcoin Trust (IBIT).
Since its debut on the New York stock market nearly a month ago, BlackRock’s bitcoin-focused exchange-traded fund (ETF) has attracted inflows of $3.3 billion, as per the latest figures from Bloomberg.
In comparison, Fidelity’s similar offering, the Wise Origin Bitcoin Fund (FBTC), has amassed over $2.8 billion.
Despite some dampening effects from notable withdrawals from the Grayscale Bitcoin Trust (BTC), the burgeoning Bitcoin ETF market is having a positive impact on Bitcoin’s spot price.
Ethereum (ETH), ranking second in the cryptocurrency market, saw a 2% increase against the US dollar on Friday morning, reaching a spot price of $2,470.
Solana (SOL) also experienced notable movement on Friday morning, with the SOL/USD pair rising by 2.4%.
Other cryptocurrencies like Cardano (ADA) and Avalanche (AVAX) were active as well, each gaining approximately 2%.
The total market capitalization of cryptocurrencies globally is presently at $1.76 trillion, with Bitcoin’s market dominance at 53.4%
