Another week concluded with surges witnessed in the market over the period. The inflows in Bitcoin ETFs have generally contributed to this as big players continue flocking the markets day by day.
Bitcoin Price Review
Bitcoin$98,603.00
The recent surge can be directly attributed to the big institution’s entry into the ETF space. Ten spot Bitcoin ETFs in the US now own an astounding $54.09 billion as per recent market insights. This number stands for 4.07% of all Bitcoins in circulation. Grayscale is at the top ETF holding with $27.11 billion in Bitcoin. On March 7, net inflows into spot Bitcoin ETFs with US listings were a healthy $472.6 million.Â
Additionally, as of February 5, 2024, MicroStrategy, under the leadership of ardent supporter Michael Saylor, revealed it had 190,000 Bitcoins, or 0.98% of the total supply, valued at $11.88 billion.
Ethereum Price Review
Ethereum$3,450.33
The recent surge can be attributed to the approaching Dencun upgrade ahead of the optimism on an Ethereum ETF. With only a few days remaining before the Dencun upgrade. Many are now flocking to Ethereum in anticipation that Ethereum will become cheaper on top of other upgrades expected to come with it.
Pepe Price Review
Pepe (PEPE) is this week’s top gainer having doubled over the seven days ahead of the current meme season that has since seen meme coins fly. Trading at $0.000008798 as of press time, the Pepe price is currently at an impressive 102% above its previous 7-day price as it held a market cap of 3.6 billion.
The rise in the meme coin over the week can be attributed to the increasing interest in the meme coin recently as PEPE’s on-chain holders grew from 155k to 172k in one week (+7k in one week is very large) as per recent stats.
FLOKI Price Review
FLOKI, another meme coin, is the second top gainer this week. FLOKI has also made a meteoric rise over the period ahead of the meme season as the FLOKI price stood at $0.0002342 as of press time, representing an impressive 79% above its previous 7-day price as it held a market cap of 2.2 billion.
The recent Floki price surge can be attributed to its burn program on top of the meme season. 190.91 Billion FLOKI tokens have so far been burned across the ETH and BNB chains. The burnt tokens were valued at around $47 Million then.
Shiba Inu Price Review
Shiba Inu (SHIB) is the third top gainer this week to show the meme coin dominance over the period. Shiba Inu has also made a notable rise in attribution to the meme season as the Shiba Inu price stood at $0.00003434 as of press time, representing an impressive 66% above its previous 7-day price as it held a market cap of 20.3 billion.
The Recent pump in Shiba Inu can be attributed to its recent burns as the past week saw a total of 14,238,113,469 SHIB tokens burned, accounting for a 6,478.69% increase in the weekly burn rate.
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