- Bitcoin ETFs saw over $2 billion in inflows this week.
- BNB reached an all-time high above $1,115, leading gains among major altcoins.
- The overall cryptocurrency market cap increased 1.6% to exceed $4.3 trillion.
- Nearly $400 million was liquidated across crypto markets in the past 24 hours, driven by strong price movements.
The cryptocurrency market posted significant gains early Friday as the stablecoin sector reached a capitalization milestone of $300 billion. This growth coincided with over $2 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) this week, supporting upward movement across major digital assets.
BNB, the native token of the Binance Smart Chain, climbed to a record high above $1,115 before settling near $1,107. According to recent trading data, BNB increased by 6.4% in the past 24 hours, leading other altcoins in performance. Meanwhile, Solana (SOL) rose by 2.5%, Ethereum (ETH) gained 2.4% to just under $4,500, Ripple‘s XRP added 2.1%, and Cardano (ADA) saw a smaller uptick of 0.8%.
The price of Bitcoin (BTC) advanced 1.5% over the last day, climbing above $120,000 after a recent surge from $114,000 to $118,000 in the previous session. Retail sentiment regarding BTC was described as “extremely bullish,” with high levels of online discussion.
Data from DefiLlama confirmed that the stablecoin market surpassed $300 billion for the first time. According to Farside Investors, net inflows to Bitcoin ETFs also topped $2 billion this week.
Volatility in the market resulted in approximately $400 million in liquidations over a 24-hour period, as reported by Coinglass. Ethereum accounted for the largest share of liquidations at $111 million, followed by Bitcoin at $103 million. The total value of the crypto market increased by 1.6% over the same timeframe, rising above $4.3 trillion.
Stocks linked to the crypto sector followed the positive trend in pre-market trading. Shares of Strategy (MSTR), the largest publicly held corporate Bitcoin owner, rose by 0.4%. Bitmine Immersion Technologies (BMNR), which holds Ethereum on its balance sheet, climbed 1.2%. Mining companies Marathon Digital (MARA) and Riot Platforms (RIOT) gained 0.74% and 0.52% respectively, while Coinbase (COIN) advanced 0.44%.
Previous Articles:
- Coinbase Applies for National Trust Charter to Bridge Crypto, TradFi
- Standard Chartered: Bitcoin Could Hit $135K Soon, Defying Past Trends
- Bitcoin Nears Record High, Approaches $124,000 Amid Strong Demand
- Ripple Eyes Institutional Adoption With Privacy-Focused XRPL Tools
- Walmart-Backed OnePay to Launch Crypto Trading and Custody in 2025
