A huge amount of money is flooding the cryptocurrency market as traders and investors go into a bullish frenzy and buy cryptocurrencies.
Approximately $48.54 billion is reportedly entering the cryptocurrency market, the largest amount of cash influx since October 2021, according to crypto analyst Ali.
To support this claim, Ali supplied a Glassnode chart that displays the “aggregate market realised value net position change”. Positive 30-day capital inflows in USD reached $48.541 billion as of March 2. The net position change in USD for Bitcoin and Ethereum is $43.57 billion. The market now hovers around these numbers, according to the chart’s graph.
https://x.com/ali_charts/status/1764429965129322638?s=20
During today’s trading session, Bitcoin (BTC), the biggest cryptocurrency by market capitalization, broke past the $65,000 barrier level.
The most popular cryptocurrency increased for a second day in a row, approaching its all-time high of almost $69,000, helped by expectations of robust exchange-traded fund demand.
Bitcoin hit a record high of $65,614 in November 2021 and has since increased by 6.14% to $65,407 in the last day.
The almost endless demand from U.S.-listed Bitcoin ETFs, which started trading on January 11, is what’s driving this Bitcoin mania. In the past 12 months, Bitcoin has increased by more than 186%.
Some of the largest names, including Fidelity Investments and BlackRock Inc., have put a net of $7.35 billion in U.S. Bitcoin ETFs since their introduction.
In reaction to the surge in Bitcoin, altcoins, or small-cap tokens, surged dramatically. As of the time of publication, Dogecoin had risen by about 27% and Shiba Inu by 34% over the previous day. A cryptocurrency with a frog motif called PEPE saw a 66% growth during that time, while BONK, Fantom (FTM), FLOKI, and Dogwifhat (WIF) saw increases of 58%, 27%, 34%, and 16%, respectively.
The way that retail traders are trying to make quick money off of the skyrocketing prices of extremely volatile tokens reminds me of the bull run of 2021. The value of the worldwide cryptocurrency market was $2.43 trillion at the time of publication.
