Hassan Maishera
TL;DR
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BTC is up by 4.5% in the last 24 hours and is currently trading above $62,900 per coin.
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Bitcoin ETFs gained over $300 million on Friday, recording their best day since June 5.
BTC Trades Above $62,900 as Market Rebounds
The cryptocurrency market had an exciting weekend as prices of Bitcoin and other major cryptocurrencies recorded excellent gains. BTC, the leading cryptocurrency by market cap, surged by more than 4.5% over the last 24 hours and is now trading above $62k per coin.
At press time, Bitcoin’s price stands at $62,926, up by 13% in the last seven days. The positive performance comes thanks to improved inflow into spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to data obtained from SoSoValue, spot Bitcoin ETFs added over $1 billion in assets under management since the beginning of the six-day streak. Friday, the latest trading day, saw spot bitcoin ETFs record $310 million in net inflows, the highest since June 5.
BlackRock's IBIT, the largest spot bitcoin ETF by asset value, led the pack on Friday after adding $120 million. Fidelity's FBTC was close behind with $115 million in inflows. Grayscale's GBTC, Bitwise's BITB, and Ark Invest's ARKB funds made up the majority of the remaining funds.
Bitcoin’s performance sparked a rally amongst altcoins, with most of them up by more than 4% in the last 24 hours. Ether is trading above $3,300 after adding 14% to its value in the last seven days.
Solana is the best performer amongst the top 10 cryptocurrencies by market cap, up 5% in the last 24 hours. As the 5th-largest cryptocurrency by market cap, SOL is currently trading at $152 per coin.
With improved performances by Bitcoin and other major altcoins, the total cryptocurrency market cap continues to surge higher. The total crypto market cap now stands at $2.3 trillion, up by 3.6% so far today.
