The cryptocurrency market has seen a sharp rise in the last 24 hours, with total market capitalization now reaching $4.1 trillion, according to data from CoinGecko. This is the second time in less than a month that the market has crossed the $4 trillion mark, signaling a solid rebound after recent declines.
The upward trend spans across multiple digital assets. Bitcoin is trading at $121,280, reflecting an increase of 2.6% in a single day and around 6% over the past week. Analysts link this boost to increasing interest from institutional investors, including exchange-traded funds (ETFs), major financial firms, and high-net-worth buyers.
Data from SoSoValue shows that Bitcoin ETFs brought in roughly $247 million in net inflows, continuing a pattern of steady institutional investment.
Ethereum has been a standout performer, surpassing Bitcoin’s growth rate over the last seven days. The second-largest crypto has climbed nearly 20%, trading at $4,257. ETH broke through the $4,000 barrier for the first time in months, pushing its market capitalization to $513.2 billion. Like Bitcoin, Ethereum’s rally is fueled in part by adoption from traditional finance institutions, many of which are adding the asset to their reserves.
The upbeat market sentiment is also benefiting other digital assets. Ethena, Lido DAO, and Pump.fun have each posted strong daily growth of about 12%, 15%, and 18%, respectively. This has led to renewed speculation about an upcoming “altseason,” where alternative cryptocurrencies outperform Bitcoin.
Still, with Bitcoin holding a dominant 58.9% share of the total market, some analysts believe the shift toward altcoins may take more time. Bitcoin’s market value currently stands at $2.41 trillion despite a minor 3.6% dip in the past day.
A recent joint report from Block Scholes and Bybit points to an unusual market shift. Historically, after Bitcoin’s halving events, investors tend to move profits into altcoins about 230 days later, sparking a wave of gains in smaller assets. That timeline passed in December last year without a major drop in Bitcoin’s dominance or a widespread altcoin surge.
Analysts believe the difference lies in where the capital is coming from. Past bull runs were often driven by retail traders, but the recent surge is fueled mainly by institutional investors. Even so, optimism remains. With Ethereum’s recent strength and moderate growth among select altcoins, many in the market believe a broader upswing could still emerge in the near future.
Things are looking up for the overall crypto industry, and companies like BitFuFu Inc. (NASDAQ: FUFU) will be looking to capitalize on this upbeat sentiment within the industry.
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