Cryptocurrency enthusiasts witnessed a significant increase in global market capitalization on February 29, with the total valuation reaching $2.29 trillion. The star performer of the day was Bitcoin (BTC), the leading and most valuable cryptocurrency, whose price reached $64,000 for the first time since November 2021.
Bitcoin’s rally was boosted by growing excitement among investors around a BTC exchange-traded fund (ETF), which recorded a daily trading volume of more than $7.7 billion. As a result, the price of Bitcoin dropped to around $62,500 early Thursday, a notable milestone in the cryptocurrency market.
Not to be outdone, other major cryptocurrencies also experienced positive movements. Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) all saw significant gains, contributing to the overall bullish sentiment in the market.
One of the standout performers of the day was meme-inspired token BONK, which saw an impressive surge of over 56% in 24 hours. In contrast, BitGet Token (BGB) suffered a decline of almost 6%, emerging as the top loser in the crypto sector.
As the day wore on, Bitcoin price remained stable at $62,538.10, registering a gain of 9.37% in 24 hours. Ethereum (ETH) followed closely behind, with its price reaching $3,268.95 and a 1.20% gain in 24 hours. Dogecoin (DOGE) continued its uptrend, registering a jump of 5.41% in 24 hours.
While Litecoin (LTC) saw a slight decline of 0.83%, Ripple (XRP) saw its price rise by 4.61%. Solana (SOL) also saw a slight decline of 1.05% during the same period.
In terms of top gainers and losers in the crypto market on February 29, BONK emerged as the front runner with a 56.47% gain, while BitGet Token (BGB) suffered a 5.35% loss.
Crypto exchanges shared their insights on the market landscape, with Mudrex co-founder and CEO Edul Patel highlighting Bitcoin’s impressive climb and the record-breaking trading volume of the BTC ETF. Meanwhile, CoinSwitch Markets Desk noted unprecedented volumes in Bitcoin spot ETFs and heightened market sentiment among Indian investors.
In short, the bullish trend in the cryptocurrency market continues, with Bitcoin headed for new all-time highs. However, it is important for investors to exercise caution due to the inherent volatility and risks associated with cryptocurrency investments.
Disclaimer: The content provided is for informational purposes only and does not constitute financial advice. Readers are advised to do their research and seek expert guidance before investing in cryptocurrencies.
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