Cryptos’ Market Cap Near $2T

Bitcoin has seen a 22% increase since the start of 2024. On February 15, its price hit $52,000 and the overall cryptocurrency market capitalization reached $2 trillion.

Ether has also experienced a surge, reaching its highest price since the collapse of the Terra ecosystem in May 2022 at $2,778.

According to Grayscale Investments’ Zach Pandl, the rise in value of digital currencies can be attributed to the influx of institutional capital into this asset.

Since January 11, spot crypto ETFs have been available on the US market, giving traders a way to enter the digital currency world without directly buying it. In the past month alone, these funds have seen approximately $3.9 billion in capital inflows.

Santiment reported last week that with Bitcoin’s rise above $50,000, majority of addresses on the network are currently making profits.

This trend is also seen among investors of ETH and XRP, with over 90% of BTC investors in a profitable position, along with over 85% of ETH wallets and 80% of XRP traders.