The crypto market has experienced a remarkable resurgence, with its total value surpassing $2.8 trillion after briefly dipping below $2.5 trillion last week. Leading the charge is Bitcoin (BTC), which saw an impressive recovery, reaching its highest price in nearly ten days at over $71,000.
This bullish momentum was fueled by positive inflows into U.S. Bitcoin ETFs, indicating renewed investor confidence. Data shows that after five consecutive outflow days, Bitcoin spot ETFs recorded a $15.4 million inflow on Monday, with $262 million coming from Fidelity alone. Despite record $350 million outflows from the Grayscale Bitcoin Trust (GBTC), the market shrugged off any barriers.
Alongside BTC, altcoins have also witnessed a resurgence, with Ethereum (ETH) approaching $3,700. Notably, Dogecoin (DOGE) and Shiba Inu (SHIB) each enjoyed a 7% increase in value. Other top performers include Polkadot, Chainlink, Bonk, ICP, FET, ALGO, APT, and PEPE, with gains ranging from 10% to 14%.
This surge comes after a turbulent period last week when Bitcoin’s value took a hit, dropping below $61,000 amid concerns over potential U.S. central bank actions. However, the Federal Reserve’s decision to maintain its monetary policy provided a much-needed boost, leading to Bitcoin’s swift recovery and a $7,000 single-day gain.
The crypto market’s resilience is further evidenced by the increasing number of non-zero Bitcoin wallets, currently above 51 million, and only 3% of wallets being at a loss as of March 24. Additionally, institutional investors have poured $12.3 billion into crypto assets year-to-date, with over $11.9 billion flowing into Bitcoin specifically.
With Bitcoin’s market capitalization once again crossing $1.4 trillion and its dominance over altcoins rising to 49.5%, the crypto space appears poised for continued growth, attracting interest from both institutional and retail investors alike.
