The broader market momentum coincided with the stablecoin sector crossing $300 billion in capitalization for the first time, and Bitcoin ETFs recording more than $2 billion in inflows this week.
The Binance Smart Chain’s native token BNB (BNB) surged to an all-time high above $1,115 in early morning trade on Friday, leading altcoins in the broader cryptocurrency rally.
BNB led the surge among major altcoins, up by 6.4% in the last 24 hours, despite paring some of its gains. BNB’s price was trading at around $1,107 at the time of writing. However, retail sentiment around the cryptocurrency on Stocktwits trended in ‘bearish’ territory even as chatter volumes rose to ‘normal’ from ‘low’ over the past day.
Other major altcoins also advanced. Solana (SOL) rose 2.5%, Ethereum (ETH) added 2.4% to trade just under $4,500, and Ripple’s XRP climbed 2.1%. Cardano (ADA) lagged with a 0.8% gain.
Meanwhile, Bitcoin (BTC) gained 1.5% in the last 24 hours. Bitcoin’s price was trading at over $120,000 after the massive rally from $114,000 to over $118,000 in the previous session. On Stocktwits, retail sentiment around the apex cryptocurrency shifted to ‘extremely bullish’ from ‘bullish’ over the past day, with chatter at ‘high’ levels.
The broader market momentum coincided with the stablecoin sector crossing $300 billion in capitalization for the first time, according to DefiLlama. Bitcoin ETFs recorded more than $2 billion in inflows this week. Bitcoin ETF net inflows also surged to more than $2 billion this week, as per data from Farside Investors.
The sharp uptick in the crypto market led to nearly $400 million in liquidations over the past 24 hours, according to Coinglass data. The overall market capitalization increased by 1.6% to exceed $4.3 trillion over the last 24 hours. Ethereum experienced the largest liquidations at $111 million, followed by Bitcoin at $103 million.
Crypto-linked equities tracked the gains in pre-market trading. Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.4% higher. Ethereum-treasury firm Bitmine Immersion Technologies (BMNR) rose 1.2%. Miners Marathon Digital (MARA) and Riot Platforms (RIOT) added 0.74% and 0.52%, respectively, while Coinbase (COIN) gained 0.44%.
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