Hassan Maishera
TL;DR
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Bitcoin is trading above $71k after rallying by 3% in the last 24 hours.
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The rally comes as Bitcoin ETFs resume an inflow winning streak.
BTC Crosses the $71k Level
The cryptocurrency market has continued its winning streak this week, adding more than 2% to the total market cap in the last 24 hours. BTC, the world’s leading cryptocurrency by market cap, is up by more than 3% in the last few hours and is now trading above $71k per coin.
At press time, Bitcoin’s price stands at $71,011. The positive performance comes as spot Bitcoin exchange-traded funds (ETFs) added $2.4 billion in assets over the past month.
According to data from Bloomberg Intelligence, the positive inflow comes after a period of flat to negative flows. Furthermore, BlackRock's iShares Bitcoin Fund (IBIT) crosses $20 billion in assets under management, indicating rising interest for spot Bitcoin ETFs.
The bitcoin ETFs on a 15-day inflow streak, pulled in $2.4b in the past month (only two ETFs have taken in more $SPY & $VOO). YTD net +$14b. The ability to bounce back w/ renewed interest after a couple nasty selloffs is rare for hot sauce type strategies. Shows staying power. pic.twitter.com/TolLWCbsqq
— Eric Balchunas (@EricBalchunas) June 4, 2024
Bloomberg Intelligence senior ETF analyst Eric Balchunas stated that,
“The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies. It shows staying power.”
With Bitcoin in the green, altcoins are also rallying higher. BNB, the native coin of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. It is up by 12% in the last 24 hours and is now trading at $706 per coin.
TON is also up by 9% and has reclaimed its 9th spot in the market, overtaking Cardano’s ADA in the process.
Thanks to this rally, the total cryptocurrency market cap now stands at $2.63 trillion, up by 2.8% in the last 24 hours.
