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 confirmed this as the third largest inflow day for these products yet in their infancy.
Excluding Grayscale’s converted GBTC, the new spot BTC ETFs have amassed over 200,000 Bitcoins since trading opening less than a month ago.
