As Bitcoin forges past the $47,000 threshold, the ripple effect across the cryptocurrency market is undeniable. The leading digital currency’s upward momentum has bolstered the overall market cap and energized trading across various altcoins.

Market Momentum on the Upswing

The crypto market has experienced a significant uptick, with Bitcoin’s price increase leading the charge. The total market capitalization of cryptocurrencies enjoyed a boost of over 2% on February 9th, indicative of a broader market rally.

Altcoins Riding the Bitcoin Wave

Two tokens, in particular, have seen noteworthy gains amidst the market buzz. The Solana-based memecoin Bonk (BONK) soared over 14%, with a trading volume that hit the $147 million mark. Simultaneously, THORChain (RUNE), the cross-chain liquidity protocol, notched nearly a 13% increase in its value, with trading volumes reaching $380 million, highlighting its role in facilitating token exchanges across diverse blockchains.

Bitcoin’s Dominant Market Impact

Bitcoin’s robust performance has been a significant catalyst for the wider market’s success. With an impressive 4% increase in value, Bitcoin’s market cap is closing in on the trillion-dollar milestone, currently standing at $930 billion.

Spotlight on Bitcoin ETFs

The resurgence of Bitcoin has coincided with a spike in activity for spot Bitcoin ETFs. These funds experienced one of their most active trading days, with over $400 million in inflows and issuers accumulating over 9,000 BTC, marking it as the third largest inflow for these burgeoning financial products.

For more insights and updates on cryptocurrency trends, stay tuned to AI Crypto Pulse.