Top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) propelled market cap growth by $270 billion within the last week. An 11.3% increase saw the sector’s market cap appreciate to $2.64 trillion. This commendable growth was also driven by a significant contribution from Worldcoin (WLD).
BTC records new ATH
The crypto market uptrend spilled into this week, allowing several assets to clinch new heights. Being the leading cryptocurrency, Bitcoin was not left out in this trend, as the token saw massive price upswings, primarily buoyed by growing demand from the spot Bitcoin ETF market.
Data from K33 Research confirmed that, amid the sustained inflows these spot Bitcoin ETFs have recorded, they commanded over 300,000 BTC worth $17 billion as of March 4. The products saw $562 million in inflows on Monday. These inflows demonstrated massive demand from traditional investors seeking exposure to BTC.
With this sustained demand, BTC rallied by over 8.5% on March 4 to clinch a high of $68,529. Despite the resistance at $68,529, Bitcoin held above the $68,000 level, looking to leverage it as a springboard for a push toward greater heights the next day.
The asset eventually breached its previous ATH on March 5, surging to a new record high of $69,098. However, the resistance stationed at this price point triggered a massive retracement that saw BTC collapse below $60,000 for the first time since February.
BTC recovered from this correction, and continued to reclaim the lost gains, eventually setting a new ATH as it crossed the pivotal $70,000 psychological threshold. The token saw a milder correction at this level, but currently holds above $69,000, changing hands at $69,461 at the reporting time.
Amid the periodic upswing, Bitcoin surged 10% this week, adding $130 billion to its market cap. As the asset continues to exceed expectations, several bullish price projections emerged this week, with Bitget’s managing director Gracy Chen projecting a rise to $200,000.
Ethereum breaches $4,000
As spot ETH ETF discussions gained steam, QCP Capital analysts explored the possibility of Ethereum outperforming BTC in the escalating bull run. ETH closed March 6 above $3,800 amid a 7.46% rise as the gains mounted.
March 8 also witnessed a series of price upswings, as Ethereum looked to record its third consecutive day in the green. The crypto asset breached the $4,000 mark for the first time since December 2021 on March 8 before facing a rejection.
ETH is still flirting with the level, currently trading for $3,956.
WLD hits new ATH above $11
The Worldcoin project witnessed multiple regulatory setbacks this week, but its token WLD recorded an uptrend, soaring by over 24% this week. However, WLD’s start to the week was marked by price declines, as it dropped 6.86% on March 4 to $7.36.
This collapse came amid reports of a potential probe into Worldcoin’s operations by the South Korean Personal Information Commission. WLD witnessed a steeper 12% decline on March 5 amid unique bearish sentiments and the broader crypto market retracement.
However, WLD recovered the March 5 losses the next day despite the project’s ban in Spain. The token consolidated following a 13% rise on March 6 until reports of OpenAI’s new board members made headlines.
Notably, the firm disclosed the appointment of new board members in the late hours of March 8, indicating that CEO Sam Altman had joined the board. Responding to this report, WLD spiked 42% to new all-time highs above $11 on March 9. The asset closed the day with an impressive 55% gain.
Despite facing a major correction today, WLD still trades above its previous highs, changing hands at $9.78 amid a 16% collapse today. Worldcoin is also up 33% this month, outperforming BTC, ETH and Solana (SOL).