On March 5, 2024, the cryptocurrency market experienced a significant surge, driven by the substantial trading volume of funds traded on the US exchange (Bitcoin spot ETF).
According to CoinMarketCap's data as of Tuesday, March 5, 2024, at 09:19 AM WIB, the crypto market saw a notable increase. Bitcoin surged by 7.63% to reach $68,054.06, with a weekly gain of 20.79%.
Ethereum also entered the green zone, rising by 4.4% in the last 24 hours and maintaining a weekly increase of 12.27%.
BNB recorded a daily increase of 0.95% and a weekly appreciation of 4.75%.
Similarly, Dogecoin soared by 29.09% in the last 24 hours and skyrocketed by 120.32% over the past seven days.
The CoinDesk Market Index (CMI), which measures the performance by weighted market capitalization of the digital asset market, surged by 6.8% to reach 2,828.22. The open interest appreciated by 7.3% to $66.53 billion.
Moreover, the fear & greed index from coinmarketcap.com showed a reading of 90, indicating that the market is in a highly optimistic phase regarding the current economic and crypto industry conditions.
As reported by coindesk.com, Bitcoin continued its upward trajectory, nearing its all-time high of $69,000, accompanied by a market capitalization of nearly $1.4 trillion.
The oldest and largest cryptocurrency broke out of a week-long sideways consolidation confined below the $64,000 level, reaching $68,800 at the start of the Asian trading session on Tuesday.
With its rapid surge this year, Bitcoin swiftly emerged as one of the largest global assets and has now surpassed the $1.3 trillion market capitalization threshold at its current level.
The bullish momentum extended beyond Bitcoin, with the second-largest cryptocurrency by market capitalization, rising above $3,600 on Monday for the first time since 2022.
Similarly, meme-themed dog coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) surged by 30% and 100%, respectively, over the past 24 hours.
In line with the crypto price appreciation, the Bitcoin spot ETF, particularly the iShares Bitcoin Trust (IBIT) by BlackRock, exceeded $2.1 billion in trading volume shortly before the session closed.