Bitcoin climbs past $80,000 as institutional inflows and a rotation into alt-coins drive the total crypto market capitalization to $2.66 trillion.
Bitcoin rallied to a two-week high above $80,000 on strong ETF inflows and short covering.
Ether outperformed with a 35% gain over the past month as investors rotated into alt-coins.
Solana outperformed with a 41% gain over the past month, leading alt-coin gains.
Compass Point upgraded Coinbase to Neutral from Sell, citing BTC recovery from a cyclical bottom.
Binance coin gained 25% over the past month, part of the broader alt-coin rally.
Tokenized S&P 500 ETF exposure was traded on blockchain, reflecting broad market participation but no direct ETF catalyst.
Tokenized versions of Nvidia were traded on blockchain, reflecting crypto sector interest but no direct stock catalyst.
Tokenized Tesla tokens were part of digital asset rotation, but no direct fundamental impact.
Bitcoin surged to a two-week high, reclaiming the $80,000 level driven by robust ETF inflows and short covering. Despite the failure of the Clarity Act and ongoing Federal Reserve rate hikes, the broader digital asset market showed resilience. Investors are rotating into alt-coins like Solana and Ether, while the SEC granted a five-year exemption for trading tokenized stocks on blockchain platforms.
The rally is primarily fueled by strong US spot ETF inflows, technical short covering, and a rotation of investor capital into alternative tokens.
Following the failure of the Clarity Act, the SEC granted a five-year conditional exemption that permits the trading of certain tokenized stocks on blockchain networks.