The recent crypto rally continued as traders and investors observed growing inflows into crypto investment products, while BTC and other altcoins went higher.
The crypto market saw its daily returns increase as Bitcoin led other altcoins to a massive rally. Moreover, inflows into crypto investment products also increased during the rally.BTC saw its highest trading levels of the last 20 months, as it crossed $42,000 temporarily.
Meanwhile, the crypto rally has helped expand the market capitalization of crypto. In the last 24 hours, bulls helped BTC surge higher, but some traders might have booked profits on the way. If BTC holds its $41,000 support, there could be more room for growth this week.
These products saw around $1.8 billion worth of inflows in the last ten weeks. Investors had last plowed such high amounts of funds into the crypto investment products back in 2021. A report by a leading crypto investment strategy firm said, “Canada, Germany, and the US led with significant inflows, while Hong Kong experienced minor outflows; Asia overall saw year-to-date net outflows.”
The move could also indicate better interest from institutional investors towards crypto, which has been occurring for a while. During the crypto rally, ETH also saw high returns, reaching $ 2,200 with a market cap of $247 billion. Several altcoins posted double-digit weekly returns.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,800 on December 5, 2023, with BTC/USD trading higher by a margin of 1.3% in the last 24 hours. Bitcoin’s market cap is trading at around $819 billion.
BTC/USD is trading higher than its 20-day EMA (37,579.95), as BTC’s 24-hour volume was at around $35 billion. The crypto market cap increased by around 4.33%, trading above $1.54 trillion. BTC’s year-to-date returns are above 152.78%.
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