Bitcoin Nears $45k As Global Crypto Market Sees 3.4% Surge

Written by

Joanna K

Editor

The price of Bitcoin (BTC) has risen by more than 4% today (Thursday 8 February) and has overwritten the fall in trading that occurred in the month since the approval of Spot Bitcoin exchange-traded funds (ETFs) in the US.

In the past 24 hours, the BTC price nearly touched the $45,000 mark for the first time since middle of January. According to CoinMarketCap, BTC has also increased by more than 6.41% in the past week.

The last time BTC reached past the $45k mark was 10 January, when the US Securities and Exchange Commission (SEC) finally signed off the long-awaited Spot Bitcoin ETFs as it topped a high of $48.6k. 

At the time of writing, the price is moving at $44.9k, with trading volume also up 63% in the past day and now standing at $25.5billion. 

BTC daily chart

Today's price high comes following reports that the US Fed is likely to not lower interest rates in March, which is in line with market expectations. 

In general, the global crypto market is also seeing happy highs today and has risen by 3.4% in the last 24 hours, with the market cap now bouncing at $1.71trillion. 

Other coins are getting in the market's movement and are seeing increasing price action in the past 24 hours.

Top performers

Among the day's other top-performers, BitTorrent (BTT) is trading upwards of 29.6%, the newly launched Dymension (DYM) is in the green by an impressive 25.06%, while Stacks (STX) is experiencing a daily boom of 16.3%. 

From the market's top 10 players, Ethereum (ETH), Solana (SOL), BNB (BNB), XRP (XRP), DogeCoin (DOGE), Avalanche (AVAX) and Cardano (ADA) have also made healthy gains in the last 24 hours.

SHIB price

Meanwhile, the price of Shiba Inu (SHIB) is up 3.23% and Polygon (MATIC) has gained 3.83%. 

The CoinMarketCap Crypto Fear & Greed Index now sits at 'Neutral', having risen slightly by four points to 59.3 since yesterday,

CMC Crypto Fear & Greed Index