Crypto Market Cap Surges to $2 Trillion, Bitcoin Taps $52K as ETH Trades at $2.8K: This Week's Recap

The last seven days in the cryptocurrency market have been absolutely explosive. Total capitalization soared above $2 trillion for the first time in a long time as the entire market posted considerable gains.

Bitcoin seems to be leading the way for the most part, posting an increase of over 10% in the last week. At the time of writing, the price is around $52,000, but it has surpassed it numerous times in the last 24 hours.

The massive rally appears to be driven by consistently high inflows into spot Bitcoin exchange-traded funds. It seems that the investment product is attracting enormous interest: more than $4 billion has already been invested in several of these products. BlackRock's BTC ETF, as expected, leads the race. What's even more interesting is that gold ETFs are experiencing capital outflows. Many people speculate that investors are flocking to BTC.

The rest of the market is also in green.

Ethereum is trading at nearly $2,800, up 11% at the time of writing. The cryptocurrency surpassed that price earlier this week, but today it appears the market is in a slight correction.

BNB is up 10%, SOL is up 3.5%, XRP is up 7.1%, ADA is up 9%, and so on. The entire top 10 by total capitalization are trading well in the green.

This is happening roughly three months before the Bitcoin halving occurs in April. This is an event that has historically proven to be incredibly bullish. Along with the increase in inflows by ETF investors, many analysts and industry experts believe that this time will also have a positive impact on the market.

If one thing is clear, it's that the next few weeks will likely be filled with excitement.

Market data

Market capitalization: $2,034 billion | Vol. 24H: 101 billion dollars | BTC domain: 50%

BTC: $51,792 (+10%) | ETH: $2,775 (+11%) | BNB: $358 (+10.6%)

This Week's Crypto Headlines You Can't Miss

Here's how Bitcoin ETF inflows are affecting BTC price movement. Inflows into BTC ETF products have skyrocketed since the US SEC greenlit the product. He appears that Bitcoin ETF issuers are currently purchasing more than 10 to 12 times the amount of BTC produced daily.

Top 3 Altcoins That Could Overtake Bitcoin in 2024. Bitcoin price is on an impressive streak and managed to surpass $52,000 this week. With that in mind, we decided to ask ChatGPT about the top 3 altcoins that have a chance of surpassing BTC this year.

Bitcoin whales get over 100,000 BTC in 10 days in rapid accumulation. Big Bitcoin investors continue to accumulate. Data sample that the so-called whales have bought a whopping 100,000 BTC in 10 days. This coincides with the price increase that the market witnessed.

Uniswap Announces Upgrade and V4 Release, But Its 'Hooks' Raise Questions. Uniswap has sleepless the fourth iteration of its decentralized exchange this week. The update will likely roll out later this year, but some community members and experts have questions about a rollout to the system called "Hooks."

Gold ETFs witness outflows of $2.4 billion amid rise in Bitcoin ETFs. Bitcoin ETFs are all the rage in the cryptocurrency community right now, but it seems like interest in them is spreading far beyond the industry. Gold ETFs have, at the same time, witnessed Capital outflows exceeded $2.4 billion.

Bitcoin (BTC) price achieves a new record ATH against the Japanese yen. Bitcoin price is skyrocketing across the board, but also managed to hit an all-time high against the Japanese yen. This comes as Japan has lost its position as the world's third largest economy.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana and Binance Coin. Click here to see the full price analysis.