Bitcoin (BTC) posted another solid green candlestick on Wednesday with a 4.2% gain against the US dollar before adding another 0.9% today.
It brings the BTC/USD pair above $52,000 for the first time since December 2021.
Bitcoin topped at $52,500 before falling back closer to $52,200 amid some profit taking, but it has held onto its one-trillion-dollar market capitalisation at the time of writing.
In line with the ongoing rally, BlackRock’s iShares Bitcoin (ETF) posted record daily inflows of half a billion dollars on Wednesday, bringing total cash inflows since launching on 10 January to more than $5 billion, per Bloomberg data.
IBIT is now in the top 7% of ETFs by size globally. This impressive turn is causing a positive price shock on the spot markets, despite significant outflows from the Grayscale Bitcoin Trust (GBTC) offsetting total net inflows for the wider bitcoin ETF space.
$IBIT is popping off, took in nearly half a billion all by itself yesterday, showing an unusually strong second wind for a new launch, is now over $5b which puts it in Top 7% of all ETFs by size in just 23 trading days. pic.twitter.com/T5uCdschrG— Eric Balchunas (@EricBalchunas) February 14, 2024
Ethereum (ETH), the world’s second-largest cryptocurrency, also had an exceptional Wednesday, rallying over 5% against the US dollar.
At the time of writing, the ETH/USD pair was swapping for $2,797.
In the wider blue-chip altcoin space. Solana (SOL) and Avalanche (AVAX) were also on the front foot, adding 15% and 20% week on week, respectively.
BNB, Ripple (XRP) and Dogecoin (DOGE) were lagging behind with single-digit gains to their market caps.
Global cryptocurrency market capitalisation currently stands at $1.96 trillion, with bitcoin dominance at 54%.