ETF Frenzy Drives Crypto Prices; Bitcoin Breaches $29k

Crypto prices surged more than 6 percent in the past 24 hours amidst a renewed institutional interest in the crypto space. The development triggered a massive momentum in the crypto currency market, pushing crypto market capitalization to as high as $1.14 trillion.

Close on the heels of the ETF filing by Blackrock, Invesco and Wisdom Tree Investments have also filed for ETF products with the SEC. Banking giant Deutsche Bank applying for digital asset license in Germany also helped sentiment.

Overall crypto market capitalization is currently at $1.14 trillion, versus $1.08 trillion a day earlier and $1.06 trillion a week earlier.

Bitcoin surged to touch a high of $29,127.61 in the past 24 hours. It is currently trading at $29,024.17, having gained 7.9 percent in the past 24 hours. More than 72 percent of the Bitcoin holders are in the money at current prices. With a market capitalization of more than $563 billion, the top-ranked cryptocurrency ranks 12th among all assets as per the rankings published by Bitcoin’s crypto market dominance surged to 49.4 percent, from 48.6 percent a day earlier.

Ethereum too dazzled with an overnight surge of 5.2 percent. The 24-hour trading range was between $1,715.34 and $1,834.76. It is currently changing hands at $1,822.46. More than 63 percent of the Ethereum holders are in the money at current prices. Ethereum ranks 52nd in the ranking of all assets published by Ether’s crypto market dominance has slipped to 19.2 percent versus 19.4 percent a day earlier.

With stablecoins accounting for 11.3 percent of the overall crypto market, the share of residual altcoins has fallen to 20 percent from 20.5 percent a week earlier.

Amidst the euphoria, only two cryptocurrencies among the top 100 (barring stablecoins) are trading in the overnight red zone. 76th ranked Tether Gold (XAUT) and 75th ranked PAX Gold (PAXG), both cryptocurrencies serving as Tokenized Gold have shed around half a percent. The movements track the decline in the spot Gold prices ahead of Federal Reserve Chair Jerome Powell’s congressional testimony.

60th ranked Conflux (CFX) topped with overnight gains of more than 22 percent. 27th ranked Bitcoin Cash (BCH) also gained a little over 20 percent. The rally in BCH is mainly attributed to the listing on newly started EDX cryptocurrency exchange, which caters to institutional investors and has listed only three other cryptocurrencies viz Bitcoin, Litecoin and Ethereum.

40th ranked Stacks (STX) topped the weekly price charts with a 44-percent surge. 92nd ranked WOO Network (WOO) followed with gains of more than 30 percent.

83rd ranked BitTorrent(New) (BTT) is the greatest laggard over the past week, having declined close to 12 percent. 69th ranked TerraClassic (LUNC) has also shed more than 8 percent.

Twelve cryptocurrencies are still trading with weekly losses of more than 1 percent. Prominent among these are 10th ranked Tron (TRX) which has dropped 2.5 percent, 6th ranked XRP (XRP) which has lost 2.3 percent, 12th ranked Polygon (MATIC) which has declined 1.3 percent.

4th ranked BNB (BNB) has erased a little less than half percent during the past week.

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