Bitcoin’s uptick propelled token prices across the board as crypto’s largest asset gained over 4% in a single day and inched closer to a trillion-dollar market capitalization.
Cryptocurrency’s total market cap was up more than 2% on Feb. 9, translating into price increases for many digital assets in the space. According to CoinMarketCap, two tokens in particular derived double-digit gains as markets rallied to the upside.
Popular Solana-based memecoin Bonk (BONK) jumped over 14% in 24 hours, while trading activity surpassed $147 million within a day. BONK was a main character during the meme mania that gripped decentralized finance participants during the latter stages of 2023.
With a one-day trading volume above $380 million, cross-chain liquidity protocol THORChain (RUNE) gained nearly 13% and exchanged hands around $5.34. This platform allows crypto users to exchange digital tokens across several blockchains, including Bitcoin.
Bitcoin’s rally pulls along cryptocurrencies
Bitcoin’s (BTC) charge past the $47,000 mark for the first time since January is likely a major contributing factor to crypto’s upturn. The largest cryptocurrency by a margin, BTC was up north of 4% and boasted trading volumes of around $35 billion.
BTC’s market cap also increased by 4.6% to $930 billion as of press time. This surge in Bitcoin stats occurred a day after spot BTC exchange-traded funds (ETFs) saw one of their best trading days since Jan. 17.
Per BitMEX research, spot Bitcoin ETFs saw over $400 million in inflows, and issuers accumulated over 9,000 BTC as the underlying assets for their respective funds. ETF expert James Seyffart
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Author: Naga Avan-Nomayo
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