Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have increased their market capitalization by $270 billion within the last week. The 11.3% increase pushed the sector's market capitalization to $2.64 trillion. This commendable growth was also driven by significant contributions from Worldcoin (WLD).
BTC records new ATH
The uptrend in the cryptocurrency market continued this week, with several assets able to reach new heights. Bitcoin, the leading cryptocurrency, was not left out of this trend as the price of the token rose significantly, mainly driven by increased demand from the spot Bitcoin ETF market.
Data from K33 Research confirms that these Bitcoin Spot ETFs have recorded over 300,000 BTC worth $17 billion as of March 4, as they record continued inflows. The product had $562 million in inflows on Monday. These inflows demonstrated massive demand from traditional investors seeking exposure to BTC.
This sustained demand drove BTC up over 8.5% to a high of $68,529 on March 4th. Despite the resistance at $68,529, Bitcoin is looking to hold above the $68,000 level and use it as a springboard for a rally to greater heights the next day.
The asset finally broke through its previous ATH on March 5, surging to an all-time high of $69,098. However, resistance at this price level triggered a massive retracement, with BTC falling below $60,000 for the first time since February.
BTC recovered from this correction and continued to regain lost gains, eventually setting a new ATH when it crossed the key psychological threshold of $70,000. The token has seen a gradual correction at this level, but is now above $69,000 and was sitting at $69,461 at the time of reporting.
Amid a cyclical bull market, Bitcoin soared 10% this week, adding $130 billion to its market capitalization. Several bullish price predictions have emerged this week as the asset continues to outperform expectations, with BitGet managing director Gracie Chen predicting a rise to $200,000.
Ethereum breaches $4,000
As the spot ETH ETF discussion gets into full swing, QCP Capital analysts explored the possibility of Ethereum outperforming BTC during the bull market. ETH ended March 6 above $3,800, up 7.46% amid expanding gains.
A series of price increases were seen on March 8th, with Ethereum expected to record its third consecutive day of price increases. The crypto asset breached the $4,000 mark for the first time since December 2021 on March 8th before facing a rejection.
ETH remains defiant at its levels and is currently trading at $3,956.
WLD records new ATH above $11
Although the World Coin project experienced multiple regulatory setbacks this week, its token WLD recorded an upward trend, surging over 24% this week. However, the start of the week for WLD was marked by a decline in price, dropping 6.86% to $7.36 on March 4th.
The collapse comes amid reports of a possible investigation into WorldCoin's operations by South Korea's Personal Information Commission. WLD witnessed an even steeper 12% decline on March 5th amidst peculiar bearish sentiment and broader crypto market retracement.
However, despite the project's ban in Spain, WLD recovered its March 5 losses the next day. The token rose 13% on March 6 before stabilizing after reports of new OpenAI board members hit the headlines.
Notably, the company revealed the appointment of new board members late on March 8, indicating that CEO Sam Altman has joined the board. Following this report, WLD soared 42% on March 9th to a new all-time high of over $11. The asset ended the day with an impressive 55% gain.
Despite facing a major correction today, WLD is still trading above its previous high, trading at $9.78 today amid a 16% plunge. World Coin also gained 33% this month, outperforming BTC, ETH, and Solana (SOL).
