Key Points
- Bitcoin (BTC) and Ethereum (ETH) have driven a $270 billion increase in market cap over the past week.
- Worldcoin (WLD) also contributed significantly to this growth despite facing regulatory challenges.
Bitcoin (BTC) and Ethereum (ETH) have been central to the recent surge in cryptocurrency market cap, which has grown by $270 billion in the last week. This has resulted in an 11.3% increase, pushing the sector’s market cap to $2.64 trillion.
Bitcoin’s New All-Time High
The upward trend in the crypto market has allowed several assets to reach new highs. Bitcoin, as the leading cryptocurrency, has seen massive price increases, largely driven by rising demand from the spot Bitcoin ETF market.
Data from K33 Research shows that these spot Bitcoin ETFs held over 300,000 BTC worth $17 billion as of March 4. This demand led to a BTC rally of over 8.5% on March 4, reaching a high of $68,529. Despite resistance at this level, Bitcoin remained above $68,000, using it as a launchpad for further growth.
Bitcoin then broke its previous all-time high (ATH) on March 5, reaching a new record of $69,098. However, resistance at this level triggered a significant retracement, with BTC falling below $60,000 for the first time since February. Despite this, Bitcoin has recovered and continues to regain its lost gains, setting a new ATH as it crossed the important $70,000 psychological threshold.
Ethereum and Worldcoin’s Performance
As discussions around spot ETH ETFs intensified, analysts at QCP Capital explored the possibility of Ethereum outperforming Bitcoin in the ongoing bull run. Ethereum ended March 6 above $3,800 following a 7.46% rise. On March 8, Ethereum broke the $4,000 mark for the first time since December 2021.
Despite facing multiple regulatory setbacks, the Worldcoin project’s token, WLD, soared by over 24% this week. This growth came despite a potential investigation into Worldcoin’s operations by the South Korean Personal Information Commission. However, WLD recovered these losses the next day, even after the project was banned in Spain. The token’s value spiked 42% to new all-time highs above $11 on March 9 following the appointment of new board members at OpenAI, including CEO Sam Altman.
Despite a significant correction, WLD still trades above its previous highs, currently at $9.78. This month, Worldcoin has risen 33%, outperforming Bitcoin, Ethereum, and Solana (SOL).
