Bitcoin continued its upward momentum on Wednesday, driven by renewed confidence among both retail and institutional investors. Increased demand for BTC-USD pushed the global cryptocurrency market cap up by approximately 0.7% to $2.88 trillion.
A major catalyst for the surge was BlackRock’s spot Bitcoin exchange-traded fund (ETF), which acquired 480 BTC valued at $42 million. According to CoinMarketCap data, Bitcoin has gained 4.61% over the past week, trading at $87,824 at press time.
This surge in market activity has increased Bitcoin’s market value to approximately $1.74 trillion, reinforcing its dominance at 60.47%. Over the past 24 hours, total cryptocurrency market volume stood at $76.24 billion, marking a 3.51% decrease.
Decentralized finance (DeFi) volumes accounted for $5.61 billion, or 7.36% of total 24-hour trading activity, while stablecoins recorded a trading volume of $71.84 billion, making up 94.23% of total transactions.
Earlier in the week, the cryptocurrency market experienced a slight dip, with total market capitalization slipping by 0.18% to $2.84 trillion. Bitcoin recorded a modest 0.24% decline, closing at $86,645. However, trading volume surged by 88.1% to $33.25 billion, signaling strong investor engagement.
Following recent market corrections, several cryptocurrencies are showing signs of recovery, with notable breakouts across the sector.
