Bitcoin’s surge past $50,000 catalyzed a broader market upswing, propelling numerous large-cap alternative digital assets such as Ethereum (ETH), Solana (SOL), and others to significant gains.
According to data from CryptoSlate, Ethereum saw a 7% uptick, reaching $2,661, while SOL surged 8% to hit $114. Among the top 10 digital assets, Avalanche’s AVAX spiked 6% to $41, Cardano’s ADA rose by 3.74% to $0.5574, while BNB Coin (BNB) and Ripple’s XRP experienced more modest gains, each climbing by less than 3%.
Market analysts attribute this bullish trend to the buzz surrounding the multiple spot Bitcoin exchange-traded funds (ETFs) in the US. Vetle Lunde, a senior analyst at K33 Research, noted that inflows into these ETFs have remained robust more than a month after their launch.
Bitcoin ETF Flow. (Source: K33 Research)
“Yesterday saw a net inflow of 9,870 BTC, pushing the net U.S. spot ETF flow since launch to 72,312 BTC. The new nine now hold 228,000 BTC,” Lunde added.
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