Major cryptocurrencies were trading in the green late Friday, boosted by spot inflows into the Bitcoin ETF, which recorded its third-best inflow day since approval.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:45am EST) |
| Bitcoin Bitcoin/USD | -0.5% | $47,270 |
| Ethereum ETH/USD | -1.0% | $2,492 |
| Avalanche AVAX/USD | +3.3% | $38.53 |
What happened: Bitcoin rose from $45,349 to briefly surpass the $48,000 mark to post a single-day gain of 5%, fueled by spot inflows into Bitcoin ETFs. Two of the ETFs approved last month rank among the top 10 global ETFs by asset flows.
In other developments, Solana’s blockchain network suffered a five-hour outage, which did not hamper its midweek rally. Bullish sentiments persist in the analyst community, with Dogecoin DOGE/USD and Cardano ADA/USD be touted as future outperformers. In the Avalanche community, approximately 9.5 million AVAX tokens, worth $322 million, will be unlocked on February 22, 2024.
Among cryptocurrency-related companies, That of MicroStrategy Bitcoin holdings have increased by 50% to $9 billion. During the latest earnings call, CEO Michael Saylor called his company a Bitcoin development company and expressed commitment to expanding the Bitcoin network. In the wake of Bitcoin’s rally, Global Coinbase CURRENCY saw a 7.2% increase in midday trading. The company is expected to release its quarterly earnings on February 15.
Data from analytics firm Santiment shows that 90.5% of Bitcoin holdings are currently in profit, compared to 84.7% for Ethereum and 79.9% for XRP.
Best earnings (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 9:45am EST) |
| Good BONK/USD | +8.2% | $0.0000129 |
| Pendel PENDING/USD | +11.59% | $3.21 |
| Immutable IMX/USD | +2.71% | $14.20 |
The global cryptocurrency market capitalization stands at $1.78 trillion, reflecting an increase of 1.25% over the past 24 hours. The impending halving has spurred record selling by miners, further boosting Bitcoin prices.
Read also: Bitcoin halving pushes miners to sell records: Bitfinex report
In the broader market, the Nasdaq composite rose 1.25% to close at 15,990.66, while the Dow Jones industrial average it fell slightly by 0.14%, ending the day at 38,671.69.
The rally in technology stocks, driven by optimism about artificial intelligence, contributed to gains at companies like Enhphase Energy and New York Community Bancorp. No major economic data releases affected sector sentiment.
Analyst Notes: After Bitcoin’s rally to $48,000, cryptocurrency investor Matthew Hyland highlighted a technical movement on the chart:
What’s next: Although Bitcoin has retreated from the $48,000 level as of this writing, bullish analysts expect a rally to $50,000 in the coming weeks leading up to Bitcoin’s halving event in April 2024, which could catalyze further gains .
Entrepreneur and Bitcoin investor Lark Davis thinks the bull run “is here” and said buying between now and the fourth quarter of 2024 will be “the easiest money you’ll ever make.”
Another analyst, Michael van de Poppe, declared that while the $33 trillion in US debt is a concern, you should buy Bitcoin and buy gold because the assets are a “hedge against bankruptcy, not inflation.”
Read next: Bitcoin tops $47,000, up 16% since Jim Cramer said ‘unlikely to find its footing’
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