In a remarkable surge, top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have driven market cap growth by $270 billion within the last week. This 11.3% increase propelled the sector’s market cap to an impressive $2.64 trillion, with Worldcoin (WLD) making a significant contribution to this commendable growth.
BTC Achieves New All-Time High (ATH)
The positive momentum in the crypto market continued into this week, with various assets reaching new heights. Bitcoin, as the leading cryptocurrency, experienced substantial price upswings driven primarily by increased demand from the spot Bitcoin ETF market.
According to data from K33 Research, spot Bitcoin ETFs have seen sustained inflows, holding over 300,000 BTC worth $17 billion as of March 4. These products recorded $562 million in inflows on Monday, signaling considerable demand from traditional investors seeking exposure to BTC.
Buoyed by this sustained demand, BTC surged by over 8.5% on March 4, reaching a high of $68,529. Although facing resistance at this level, Bitcoin maintained above $68,000, using it as a platform for further upward movement.
On March 5, the cryptocurrency breached its previous ATH, reaching a new record high of $69,098. However, resistance at this point triggered a significant retracement, causing BTC to drop below $60,000 for the first time since February.
BTC recovered from this correction, reclaiming lost gains and setting a new ATH by crossing the pivotal $70,000 psychological threshold. The token currently holds above $69,000, trading at $69,461 at the time of reporting.
With a 10% surge this week, Bitcoin added $130 billion to its market cap, surpassing expectations. Bullish price projections emerged, with Bitget‘s managing director Gracy Chen forecasting a rise to $200,000.
Ethereum Breaks $4,000
As discussions on spot ETH ETFs gained momentum, analysts from QCP Capital explored the possibility of Ethereum outperforming BTC in the ongoing bull run. ETH closed above $3,800 on March 6, recording a 7.46% rise.
On March 8, Ethereum experienced a series of price upswings, breaching the $4,000 mark for the first time since December 2021 before facing a rejection. Currently, ETH hovers around $3,956.
WLD Reaches New ATH Above $11
Despite facing regulatory setbacks, the Worldcoin project witnessed an uptrend as its token, WLD, surged by over 24% this week. The week began with WLD experiencing price declines, dropping 6.86% on March 4 to $7.36 amid reports of a potential probe into Worldcoin’s operations by the South Korean Personal Information Commission.
Despite a steeper 12% decline on March 5 and a ban in Spain, WLD recovered the losses on March 6, consolidating until reports of OpenAI’s new board members emerged on March 8. Following this announcement, WLD spiked 42% to new all-time highs above $11 on March 9, closing the day with an impressive 55% gain.
While facing a significant correction today, WLD still trades above its previous highs at $9.78, marking a 16% collapse. Worldcoin has demonstrated resilience, up 33% this month, outperforming BTC, ETH, and Solana (SOL).
