Major cryptocurrencies experienced a surge on Wednesday evening, surprising investors with a Valentine’s Day treat.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +5.37% | $52,144 |
| Ethereum (CRYPTO: ETH) | +6.41% | $2,795 |
| Dogecoin (CRYPTO: DOGE) | +7.91% | $0.087 |
What Happened: The price of Bitcoin surged to $52,000 on Wednesday, marking its highest value in 26 months and pushing its market capitalization over $1 trillion.
The largest and oldest cryptocurrency regained ground after Tuesday’s drop below $50,000 in response to hotter-than-expected inflation data.
Wednesday’s rally propelled BTC’s market value back over $1 trillion, marking a significant milestone not achieved since December 2021. The sentiment was supported by substantial inflows into the U.S.-listed spotbitcoin exchangetraded funds. BlackRock’s IBIT recorded nearly $500 million in net inflows on Tuesday, while the outflows from the incumbent Grayscale Bitcoin Trust (GBTC) gradually slowed down.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Stacks (CRYPTO: STX) | +27.21% | $2.74 |
| Sei (CRYPTO: SEI) | +20.81% | $0.94 |
| Dymension (CRYPTO: DYM) | +14.95% | $8.12 |
The global cryptocurrency market cap now stands at $1. trillion, showing a 2.71% increase in the past 24 hours.
Stocks rebounded on Wednesday as Wall Street regained some ground after the significant losses experienced in the previous session.
The S&P 500 surged by 0.96% to close at 5,000.62, and the Nasdaq Composite saw a 1.3% gain, settling at 15,859.15
The surge in the premarket trading session lifted crypto-related equities, with trading platform Coinbase and largest BTC holder Microstrategy both gaining 7% each. Crypto miners Iris Energy and CleanSpark experienced increases of 17% and 14% respectively, while Marathon Digital advanced by 12% and Riot Platforms added 9%.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe reports Bitcoin’s breakthrough above $51,000, reaching a new yearly high.
“Probably we’ll see $54-58K pre-halving as a potential peak. #Ethereum remains strong and is the one to follow.”
#Bitcoin breaking through $51,000 and making a new yearly high. Mentioned earlier that there’s more strength in the markets than I expected.Probably we’ll see…
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