Top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) increased market capitalization by $270 billion in the last week. An 11.3% increase pushed the sector's market cap to $2.64 trillion. This commendable growth was also fueled by a significant contribution from Worldcoin (WLD).
BTC, ETH and WLD Prices – March 10 | Source: Santiment
BTC records new ATH
The crypto market bullish trend continued this week, allowing several assets to reach new heights. As the leading cryptocurrency, Bitcoin was not left out of this trend as the token witnessed a massive price surge, largely driven by growing demand in the spot Bitcoin ETF market.
Data from K33 Research confirmed that these spot Bitcoin ETFs had 300,000 BTC worth $17 billion as of March 4, despite the continued inflows they were seeing. The products recorded $562 million in inflows on Monday. These inflows demonstrated huge demand from traditional investors seeking exposure to BTC.
Due to this sustained demand, BTC rose over 8.5% on March 4, reaching a high of $68,529. Despite resistance at $68,529, Bitcoin held above the $68,000 level and attempted to use it as a springboard for a push towards higher heights the next day.
On March 5, the asset finally broke through its previous peak and rose to a new record high of $69,098. However, resistance at this price point triggered a massive decline that saw BTC break below $60,000 for the first time since February.
BTC rebounded from this correction and continued to claw back lost gains, eventually reaching a new ATH as it crossed the crucial psychological threshold of $70,000. The token experienced a milder correction at this level but is currently above $69,000 and was changing hands at $69,461 at the time of reporting.
Amid the periodic rally, Bitcoin rose 10% this week, adding $130 billion to its market cap. As the asset continues to outperform expectations, there have been several bullish price predictions this week, with Bitget CEO Gracy Chen predicting a rise to $200,000.
Ethereum breaks $4,000
As spot ETF discussions on ETH gained steam, analysts at QCP Capital explored the possibility that Ethereum could outperform BTC in the escalating bull market. ETH closed above $3,800 on March 6 with a 7.46% increase as gains increased.
March 8 also saw a series of price rallies as Ethereum appeared to be in the green for the third day in a row. The crypto asset broke $4,000 on March 8 for the first time since December 2021 before facing rejection.
ETH is still flirting with this level and is currently trading at $3,956.
WLD hits new ATH above $11
The Worldcoin project experienced several regulatory setbacks this week, but its token WLD has seen an uptrend, rising over 24% this week. However, WLD's start to the week was marked by price declines, as the price fell by 6.86% to $7.36 on March 4th.
This collapse came amid reports of a possible investigation into Worldcoin's operations by South Korea's Personal Information Commission. WLD experienced a steeper 12% decline on March 5 due to unique bearish sentiments and the broader crypto market decline.
However, despite the ban on the project in Spain, WLD was able to recoup its March 5 losses the next day. The token was consolidating after a 13% surge on March 6 until reports of OpenAI's new board members made headlines.
Notably, the company announced the appointment of new board members in the late hours of March 8, indicating that CEO Sam Altman had joined the board. In response to this report, WLD rose 42% to a new all-time high of over $11 on March 9th. The asset ended the day with an impressive gain of 55%.
Despite a major correction today, WLD is still trading above its previous highs, changing hands at $9.78 today in a 16% decline. Worldcoin is also up 33% this month, outperforming BTC, ETH and Solana (SOL).
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.