Crypto Market Capitalization Surges 1.37% to $2.8 Trillion, Bitcoin Leads Rally

The cryptocurrency market started the week on a bullish note, with the global market capitalization reaching $2.8 trillion, indicating a 1.37% increase within the last 24 hours. This upward trend was driven by Bitcoin's surge past the $85,000 mark, currently trading at $86,366, which paved the way for a broader rally among major altcoins. The increased participation from both retail and institutional investors was evident, as reflected in the total market volume growing by 31.36% to $55.04 billion.

Bitcoin's price climbed to $86,366, marking a 2.63% growth from the previous few days when it was trading around $83,000. This surge in Bitcoin's price also led to an increase in its dominance, reaching 60.84%, a 0.39% increase on the day. A significant factor contributing to Bitcoin's rebound was the renewed interest from institutional investors. In the week ending March 21, US BTC-spot ETFs recorded net inflows of approximately $744.3 million, ending a five-week outflow streak and signaling growing confidence from institutional players. This trend was led by iShares Bitcoin Trust with $537.5 million in inflows, while Fidelity Wise Origin Bitcoin Fund saw net inflows of $136.5 million, breaking its seven-week outflow pattern. The ETFs have now recorded six consecutive sessions of inflows since March 14.

While Bitcoin dominated the headlines, Ethereum experienced a slight dip, with its price down around 0.74% to $1,982.76. Despite this, Ethereum remains in focus due to Fidelity Investments' recent filing to register a tokenized version of its US dollar money market fund on Ethereum. This move aims to track transactions via Ethereum’s blockchain, highlighting the growing interest in Ethereum's utility beyond just a cryptocurrency. Solana and XRP also performed notably well, with XRP posting a gain of close to 2% to $2.42, and Solana surging by over 3% to $133.47, making it the largest gainer among the top 10 coins.

Among the top gainers, Four (FORM) led with an 8.46% rise in the last 24 hours, trading at $1.95. Close behind was OFFICIAL TRUMP (TRUMP), which surged by 7.32% to $11.64. The increase in the TRUMP token price followed a Truth Social post from US President Donald Trump, where he called the meme coin “SO COOL” and “The Greatest of them all.” This endorsement caused the token price to jump from $10.91 to $12.11, an 11% surge before settling slightly lower.

Overall, the cryptocurrency market is showing signs of strong recovery, with growing participation and fresh momentum across major assets. The surge in the global market capitalization to $2.8 trillion is a significant milestone, reflecting the growing acceptance and adoption of digital currencies. This positive trend underscores the resilience of the cryptocurrency market, which has shown remarkable growth despite recent volatility and regulatory challenges. The increased interest from institutional investors, as evidenced by the net inflows into US BTC-spot ETFs, further supports the long-term prospects of cryptocurrencies, particularly Bitcoin. The market's ability to weather numerous challenges and maintain its upward trajectory is a testament to its strength and potential for future growth.