Bitcoin and Ethereum Rally As Crypto Market Cap Gains 5.09% in 24 Hours

• Bitcoin surged to $64,000 on Wednesday as Ethereum climbed above $3,400.
• CoinGlass data shows investors have injected $9.87 billion into the ETFs and other BTC exchange-traded products.
• Many believe Bitcoin is benefitting from significant capital inflow into ETF products.

Bitcoin surged to $64,000 on Wednesday, and Ethereum climbed above $3,400 amid increasing bullish sentiments. According to CoinGlass data, yesterday’s rally pushed Bitcoin’s monthly returns for February to 47.28%, marking the highest February gain since 2014.

According to data from CoinMarketCap, the total crypto market cap was $2.32 trillion at the time of writing, growing by 5.09% in the last 24 hours. Based on current valuation, Bitcoin and Ethereum account for over $1.6 trillion, reflecting nearly 70% of the global digital assets capitalization.

Notably, the surge in the past 24 hours means Bitcoin has gained 5.88% over the period, judging by its price of $62,740 at the time of writing, according to data from CoinMarketCap. At that price, it also means the flagship crypto gained 20.74% in the past week.

It is essential to note that Bitcoin embarked on a significant rally after an initial price dip that followed the approval of eleven spot Bitcoin ETFs. Many analysts believe the dip followed a rebalancing process in the digital assets market, after which the price rally kicked off.

Hence, many people believe Bitcoin is benefitting from significant capital inflow into the ETF products, most of which started trading in January. CoinGlass data shows that investors have injected $9.87 billion in the ETFs and other BTC exchange-traded products as of the time of filing this report.

Bitcoin’s recent surge is reminiscent of a classic rally at the beginning of a bull cycle. Many users believe the ETF would have a significant impact on BTC as we approach the Bitcoin halving. Their reason is that the ETFs would take in more Bitcoins than released on the network daily.