BTC - Bitcoin Ethereum Dogecoin Continue Bull Run As 'Extreme Greed' Takes Over: Analyst Predicts King Crypto To Reach $88K Setting All-Time Highs In 2024 | Benzinga
Major cryptocurrencies surged on Tuesday, with Bitcoin soaring to a 27-month high, hovering around $57,000 levels.
What Happened: The rally in Bitcoin price propelled the broader crypto market, fueled by growing investor optimism and a surge in investments into spot Bitcoin exchange-traded funds (ETF).
The last time Bitcoin reached the price level of $57,000 was over two years ago, on December 2, 2021.
The cryptocurrency market is experiencing a strong bullish sentiment, with the Fear & Greed Index registering at 79 on Feb. 27, indicating “extreme greed” according to data from Alternative. This level of extreme greed was last observed in November 2021 when the price of the leading cryptocurrency surged to an all-time high of $69,000.
The rally in the broader cryptocurrency market is primarily driven by Bitcoin, which has attracted demand due to spot ETFs.
CoinShares‘ report indicates that BTC investment products dominated last week’s crypto fund inflows, comprising 99% of the total. Bitcoin alone attracted $569.5 million in fund inflows, contributing to total global assets under management of $67.5 billion. Overall, these crypto products have accumulated a net total of $5.8 billion since their introduction.
In addition, data from Yahoo Finance shows that Bitcoin ETFs have collectively received inflows totaling $5.5 billion since their market debut on Jan. 11.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Pepe (CRYPTO: FLR) +58.19% $0.00000284
Arweave (CRYPTO: MNT) +27.95% $21.4
Gala (CRYPTO: AR) +21.94% $0.040
The global cryptocurrency market cap now stands at $2.16 trillion, showing a 8.92% increase in the past 24 hours.
To provide context, the current ...