Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) led the surge in market capitalization by $270 billion over the past week, marking an 11.3% increase to reach $2.64 trillion. Worldcoin (WLD) also made a significant contribution to this growth.
BTC Achieves New All-Time Highs: The cryptocurrency market continued its upward trajectory this week, with several assets reaching new peaks. Bitcoin, the leading cryptocurrency, experienced substantial price surges driven by increased demand from spot Bitcoin ETF markets. These ETFs saw significant inflows, indicating a growing interest from traditional investors seeking exposure to BTC. BTC surged by over 8.5% on March 4, reaching a high of $68,529, and eventually surpassed its previous all-time high on March 5, reaching $69,098. Despite encountering resistance, Bitcoin maintained levels above $68,000 and later breached the $70,000 threshold. As of now, BTC trades above $69,000.
ETH Crosses $4,000: Discussions surrounding spot ETH ETFs gained momentum, prompting analysts to explore the possibility of Ethereum outperforming BTC. Ethereum closed above $3,800 on March 6, marking a 7.46% increase, and breached the $4,000 mark on March 8 before facing resistance. Currently, ETH hovers around $3,956.
WLD Achieves New All-Time Highs: Despite facing regulatory challenges, Worldcoin’s token, WLD, experienced an uptrend, surging by over 24% this week. Despite initial price declines, WLD recovered and spiked to new all-time highs above $11 on March 9 following reports of OpenAI’s CEO joining the board. Despite a recent correction, WLD still trades above its previous highs, currently around $9.78, marking a 33% increase this month.
Overall, these developments highlight the ongoing bullish sentiment in the cryptocurrency market, with BTC, ETH, and WLD demonstrating significant growth and resilience amid regulatory and market challenges.