Bitcoin's market cap is approaching $1 trillion, while Ethereum is trading at $2,500.
It's been a good week in cryptocurrency markets, with eight of the top 10 tokens by market cap posting strong gains over the past seven days.
Bitcoin is currently trading at around $47,600 after briefly surpassing the $48,000 mark earlier in the day, posting a 10.7% gain over the week. Its market cap is approaching $1 trillion, with Coingecko reporting $934 billion.
Ethereum is trading for $2,500, up 9% over the past seven days. The network's market capitalization exceeded $300 billion at the time of writing.
All top ten tokens that are not stablecoins are enjoying gains. Binance Coin (BNB) reached third place, trading at $322 with a price rise of 7.4% over the past seven days.
Among the top 100 digital assets, Solana memecoin BONK and Layer 1 blockchain Sui are the best performing tokens today, with gains of 21% and 18% respectively. Meanwhile, AI project Bittensor rose 15% to $508.
Spot Bitcoin ETFs Attract $400M
Driving short-term gains appears to be driving investor interest in spot Bitcoin ETFs. On February 8, the sector saw net inflows of $403 million, the highest level since January 17, when inflows exceeded $453 million.
Demand for Bitcoin from the nine ETF providers reached 9,000 BTC yesterday – ten times the amount of Bitcoin issued daily as block rewards.
According to a Bloomberg analyst James Seyphart, eight of the nine providers received the money yesterday. Fidelity's FBTC surpassed $3 billion in assets under management, while Grayscale's GBTC outflow streak continued at $101 million.
