Bitcoin’s surge sparked a widespread uptick in token prices across the cryptocurrency market, with the largest digital asset witnessing a more than 4% increase in a single day and edging closer to a trillion-dollar market cap.
The overall cryptocurrency market cap also saw a notable rise of over 2% on February 9th, leading to price gains for numerous digital assets. Notably, two tokens stood out with double-digit gains as the market rallied.
One such standout performer was Bonk (BONK), a popular memecoin based on the Solana network. Within a span of 24 hours, Bonk surged over 14%, with trading volume surpassing $147 million. BONK had gained prominence during the meme frenzy that swept through the decentralized finance landscape towards the end of 2023.
Another noteworthy performer was THORChain (RUNE), a cross-chain liquidity protocol. With a trading volume exceeding $380 million in just one day, THORChain saw an impressive increase of nearly 13%, trading at around $5.34. This platform enables crypto users to swap digital tokens across multiple blockchains, including Bitcoin.
Bitcoin’s rally beyond the $47,000 threshold played a significant role in driving the broader crypto market upwards. As the largest cryptocurrency by market capitalization, BTC witnessed a surge of over 4%, with trading volumes reaching approximately $35 billion.
BTC’s market cap also experienced a notable uptick of 4.6% to $930 billion. This surge in Bitcoin’s metrics occurred shortly after spot Bitcoin exchange-traded funds (ETFs) recorded one of their strongest trading days since January 17th.
According to BitMEX research, spot Bitcoin ETFs saw inflows exceeding $400 million, with issuers accumulating over 9,000 BTC as underlying assets for their respective funds. ETF expert James Seyffart confirmed this as the third-largest inflow day for these products since their inception.
Excluding Grayscale’s converted GBTC, the new spot BTC ETFs have collectively amassed over 200,000 Bitcoins since their trading debut less than a month ago.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.