Hassan Maishera
TL;DR
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Bitcoin touched the $62k level on Friday after adding more than 6% to its value in the last 24 hours.
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The rally comes as US spot bitcoin ETFs saw $192 million in inflows on Thursday.
BTC Trades Above $60k as Bulls Regain Control
The cryptocurrency market is bullish again after Bitcoin dropped to the $49k region earlier this week. Bitcoin, the leading cryptocurrency by market cap, is up by more than 6% in the last 24 hours and briefly touched the $62k level earlier today.
At press time, Bitcoin is trading at $60,719 per coin. The positive performance comes as US spot Bitcoin ETFs recorded net inflows for the third consecutive day this week.
On Thursday, spot bitcoin exchange-traded funds in the U.S. logged $192.56 million in positive flows. As usual, BlackRock’s IBIT led the charge after reporting a $157.6 million inflow yesterday.
Data obtained from SoSoValue revealed that WisdomTree’s BTCW was the surprise performer, raking in $118.52 million, its largest inflows yet and over 10 times greater than its previous record high on Wednesday.
Fidelity’s FBTC came third with $65.25 million while Ark Invest and 21Shares’ ARKB reported a $32.79 million inflow. Finally, anEck’s HODL also saw $3.38 million in net inflows.
As in recent weeks, Grayscale’s converted GBTC continued to lead the outflows after losing $182.94 million on Thursday. Hashdex’s spot bitcoin fund saw $2.03 million leave the product.
With Bitcoin performing well, altcoins are also in the green. Ether is up by 10% in the last 24 hours and is currently trading above $2,600 per coin. It is the best performer amongst the top 20 cryptocurrencies by market cap.
Thanks to the improved performances, the total cryptocurrency market cap now stands at $2.14 trillion, up by more than 6% in the last 24 hours.
