Bitcoin and Ethereum have led top crypto asset gainers following the last price rebound. Most traders expect a positive run based on both assets, citing growing institutional demand and the decentralized finance (DeFi) ecosystem. At press time, the total crypto market cap stands at $3.7 trillion, a 2.97% surge in the last 24 hours.
BTC And ETH Dominate Inflows
In the last 24 hours, Bitcoin hit a new all-time high above $106K before a slight correction as bulls project higher gains. The asset is up 2.8% today, while weekly numbers soared 5% amid long-term whale acquisitions. On the institutional front, BTC products attracted $2 billion inflows in the last seven days, raising total assets under management (AUM) to $135 billion.
Bitcoin’s dominance is largely due to increasing institutional crypto investment. This year, fund flows have hit new highs, resulting in a similar price pattern for the asset. In Q1 2024, Bitcoin hit an all-time high above $73K and soared past $100k following the US Presidential elections.
Donald Trump’s anticipated crypto push fuels the recent BTC movement. Talks about a strategic Bitcoin reserve in the United States have led to whales accumulating more assets. Generally, a jump in Bitcoin price affects the wider market with inflows to altcoins and meme tokens. Fund rotation away from BTC to altcoins can be characterized as the start of the altcoin season.
Like Bitcoin, Ethereum leads top crypto gainers with a 2.5% daily inflow alongside rising institutional volumes. The leading altcoin maintains its drive in addition to bullish speculations above $5,000. ETH trades at $4,049 as bulls take its market cap to $487 billion.
Ethereum recorded its consecutive seventh week of institutional inflow, which took figures in the last seven days to $1 billion. Overall, the asset’s AUM stands at $20 billion.
Impact on The Wider Market
Most traders are projecting a wider fund flow to altcoins in the coming months. Although most of these assets are below water, analysts point to the previous cycle and the link between BTC and ETH on these assets. Crypto enthusiast @el_crypto_prof wrote on X.
“You’re facing the biggest Altcoin run in at least 4 years (probably more like 8, as everything reminds me of 2018). Every dip is meant to shake you out. Don’t forget that. Generational wealth is possible with alts in the next months imo.”
Top altcoins, XRP and Solana, sit slightly in the light green zone, with 5.2% and 1% gains, respectively.
