Cryptocurrency Market Surges on Bitcoin ETF Trading Volume

On March 5, 2024, the cryptocurrency market experienced a significant surge, primarily driven by substantial trading volume on the US exchange through the Bitcoin spot ETF. CoinMarketCap's data, as of Tuesday, March 5, 2024, at 09:19 AM WIB, revealed notable increases across major cryptocurrencies.

Bitcoin surged by 7.63% to reach $68,054.06, marking a weekly gain of 20.79%. Ethereum also entered the green zone, rising by 4.4% in the last 24 hours and maintaining a weekly increase of 12.27%. BNB recorded a daily increase of 0.95% and a weekly appreciation of 4.75%. Dogecoin soared by 29.09% in the last 24 hours and skyrocketed by 120.32% over the past seven days.

The CoinDesk Market Index (CMI), measuring performance by weighted market capitalization of the digital asset market, surged by 6.8% to reach 2,828.22. Open interest appreciated by 7.3% to $66.53 billion. Moreover, the fear & greed index from showed a reading of 90, indicating high optimism regarding current economic and crypto industry conditions.

According to reports by, Bitcoin continued its upward trajectory, nearing its all-time high of $69,000, with a market capitalization of nearly $1.4 trillion. Breaking out of a week-long sideways consolidation below the $64,000 level, Bitcoin reached $68,800 at the start of the Asian trading session on Tuesday. With its rapid surge this year, Bitcoin emerged as one of the largest global assets, surpassing the $1.3 trillion market capitalization threshold.

The bullish momentum extended beyond Bitcoin, with the second-largest cryptocurrency by market capitalization rising above $3,600 on Monday for the first time since 2022. Similarly, meme-themed dog coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) surged by 30% and 100%, respectively, over the past 24 hours.

In line with the crypto price appreciation, the Bitcoin spot ETF, particularly the iShares Bitcoin Trust (IBIT) by BlackRock, exceeded $2.1 billion in trading volume shortly before the session closed, indicating significant investor interest and participation in the cryptocurrency market on March 5, 2024.

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