Bullish market sentiment sends Bitcoin briefly above $24,000

The cryptocurrency market cap saw a net inflow of around $40 billion over the last 24 hours and currently stands at $1.09 trillion — up 4.22% from $1.05 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap increased by 3.17% and 5.69% to $459.17 billion and $204.59 billion, respectively.

The top 10 crypto assets posted gains over the reporting period — Polygon and BNB recorded the highest increases of 13.06% and 7.07%, respectively. Other assets like Ethereum, Solana, Polkadot, and Cardano posted gains higher than 5%.

Over the last 24 hours, the market cap of Tether (USDT) marginally rose to $67.82 billion, while that of USD Coin (USDC) fell to $42.30 billion. On the other hand, the market cap of BinanceUSD (BUSD) remains unchanged at $16.10 billion.

Bitcoin

Over the last 24 hours, Bitcoin gained 3.25% to trade at $23,833 as of 07:00 ET. Its market dominance fell to 42.1% from 42.5%.

After the Feds hiked interest rates by 25 basis points, bullish sentiments took over the market, and Bitcoin traded above the $24,000 level for the first time since August 2022 before retracing to its current level.

Ethereum

Ethereum grew 5.73% over the last 24 hours to trade at $1,671 as of 07:00 ET. Its market dominance rose to 18.7% from 18.5%.

Like BTC, ETH posted a substantial green candle that took its value near $1700 over the reporting period — peaking at $1689. During the early trading hours of Feb. 2, the asset mostly traded above the $1650 level.

Top 5 Gainers

Synapse

SYN is the day’s biggest gainer, rising 43.37% over the reporting period to $1.21 as of press time. The Synapse ecosystem token increased 39% over the last seven days. Its market cap stood at $168.95 million.

Magic

MAGIC grew 34.39% to $1.79 as of press time. The NFT-related token rose by over 250% in the last 30 days. Its market cap stood at $375.72 million.

Loopring

LRC gained 24.68% over the reporting period to trade at $0.43 as of press time. The Layer-2 solution has seen renewed attention due to its cheap gas fees for ERC20 and NFT transactions. Its market cap stood at $565.68 million.

Optimism

OP is another layer2 solution on the top gainer’s list. Its OP token surged 23.08% to another all-time high of $2.785. Transaction volume on the protocol peaked at over 800,000 in January when interest in its ecosystem was high. Its market cap stood at $651.98 million.

Hex

HEX…