Crypto Markets Defy Gravity Amidst Bitcoin ETF Frenzy

Cryptocurrencies surged more than 8 percent in the past 24 hours as a fresh wave of Bitcoin ETF frenzy gripped the digital assets market. Market expectation of a large number of spot Bitcoin ETFs hitting the market catalyzed a major bullish momentum in crypto sphere. The price of Bitcoin jumped after reports of Blackrock moving closer to bringing its spot Bitcoin ETF to the market. A U.S. Court of appeals mandating the SEC to re-review Grayscale’s spot Bitcoin ETF also supported sentiment.

Overall crypto market capitalization increased 8.8 percent in the past 24 hours to $1.27 trillion whereas the 24-hour trading volume jumped 125 percent to $93.6 billion.

The crypto asset class currently holds the eighth position in the ranking of all assets published by companiesmarketcap.com. Only precious metals viz Gold (market cap: $13.03 trillion) and Silver (market cap: $1.298 trillion) as well as five corporates viz Apple (market cap: $2.697 trillion), Microsoft (market cap: $2.457 trillion) Saudi Aramco (market cap: $2.152 trillion), Alphabet (market cap: $1.748 trillion) and Amazon (market cap: $1.324 trillion) command market capitalization higher than the overall crypto market capitalization of $1.27 trillion.

Bitcoin (BTC) gained 11.6 percent overnight to trade at $34,412.47. The leading cryptocurrency had touched a one and a half-year high of $35,150.43 earlier in the trade. With the brilliant rally, BTC has gained 20.9 percent in the past week and 107 percent in 2023.

Ethereum (ETH) too gained 8.4 percent on an overnight basis to trade at $1,822.70. Ether’s weekly gains exceed 15 percent whereas year-to-date gains are close to 52 percent. Ether had touched a high of $1,852.68 earlier in the trade.

The splendid rally has helped Bitcoin jump to the 12th position and Ethereum to rise to the 46th position in the ranking of all assets published by companiesmarketcap.com.

Amidst the rally powered predominantly by a Bitcoin ETF anticipation, Bitcoin’s crypto market dominance has increased to 52.9 percent. Ethereum now commands 17.3 percent of the overall crypto market. In a sign of risk-on sentiment, market capitalization of stablecoins has dropped to 9.81 percent of the overall crypto market capitalization.

Among the top-10 non-stablecoin cryptocurrencies, Bitcoin (BTC) topped overnight gains with a surge of 11.6 percent. Solana (SOL) topped weekly gains with an addition of close to 34 percent and year-to-date gains with an addition of close to 217 percent.

BNB (BNB) and Dogecoin (DOGE) added close to 5 percent overnight whereas XRP (XRP), Solana (SOL) and Cardano (ADA) rallied close to 9 percent. Overnight gains recorded by TRON (TRX) were modest at 3 percent.

In the larger crypto hierarchy spanning the top-100 cryptocurrencies, 48th ranked Mina (MINA) topped the price charts with an overnight surge of more than 96 percent. 69th ranked Conflux (CFX) followed with overnight gains of 44 percent whereas 89th ranked Pepe (PEPE) added more than 30 percent in the past 24 hours.

MINA dazzled with weekly gains of more than 126 percent amidst its listing by Bitcoin Exchange Upbit.

On a year-to-date basis, 44th ranked Injective (INJ) is the best performer with an addition of 855 percent in 2023.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of more than $65 million for the week ended October 20. Bitcoin products recorded inflows of $55.3 million followed by Solana products that recorded inflows of $15.5 million. Persisting with the trend in the previous week, Ethereum-based products recorded outflows of $7.4 million. Short Bitcoin products recorded inflows of $1.6 million.

The country-wise analysis shows inflows of $45.5 million to Switzerland and $18.1 million to Canada. Germany recorded inflows of $10.9 million.

Cumulative AUM stood at $32.9 billion of which $25.3 billion is in United States. Canada and Switzerland account for AUM of $1.9 billion each followed by Sweden and Germany that account for AUM of close to $1.6 billion each.

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