Bitcoin’s Rally Boosts Token Prices as Market Cap Nears $1 Trillion
Bitcoin’s surge propelled the prices of various tokens in the cryptocurrency market, with the largest asset gaining over 4% in a single day and inching closer to a trillion-dollar market capitalization.
BONK and RUNE Lead the Way with Double-Digit Gains
During this rally, two tokens stood out with double-digit gains. Bonk (BONK), a popular memecoin based on the Solana blockchain, surged over 14% in just 24 hours, with trading activity exceeding $147 million. THORChain (RUNE), a cross-chain liquidity protocol enabling token exchanges across multiple blockchains including Bitcoin, saw a nearly 13% increase in value and reached a trading volume of over $380 million.
Bitcoin’s Influence on Crypto Market
Bitcoin’s rally beyond the $47,000 mark played a significant role in driving the overall upward trend in the cryptocurrency market. BTC experienced a growth of more than 4% and boasted trading volumes of approximately $35 billion. Its market capitalization also increased by 4.6% to reach $930 billion.
Spot Bitcoin ETFs See Inflows Amidst Rally
The surge in Bitcoin’s stats coincided with one of the best trading days for spot BTC exchange-traded funds (ETFs) since January. These ETFs saw inflows of over $400 million, and issuers accumulated more than 9,000 BTC as underlying assets for their funds. The new spot BTC ETFs have amassed over 200,000 Bitcoins since their launch less than a month ago, excluding Grayscale’s converted GBTC.
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