Bitcoin continues to rise, surging $8,000 during the opening period of the US stock market, reaching a new all-time high of $89,530. This has propelled the market value of the cryptocurrency industry to surpass $3.114 trillion, reaching its highest point since April 2021. Meanwhile, Tether has minted 2 billion USDT, and USDC has added 50 million coins, indicating a significant increase in market capital inflow potential.
The cryptocurrency market continues to surge, with Bitcoin skyrocketing by $8,000 during the opening of the US stock market, reaching a high of $89,530, approaching the $90,000 mark, and experiencing a daily surge of over 10%.
This has driven the market capitalization of the cryptocurrency industry to a new high. According to CoinGecko data, the total market capitalization of the cryptocurrency market has reached $3.114 trillion, a 6.3% increase in the past 24 hours, surpassing the previous high of $3.069 trillion in November 2021, achieving a new milestone.
Among them, the market value of Bitcoin accounts for 60% of the entire market (BTC.D), reaching its highest point since April 2021. Currently, the market expects Bitcoin to consolidate at a high level and for the market value of BTC.D to decrease, paving the way for the long-awaited altcoin season to return.
The good news is that the blockchain monitoring account, Whale Alert, has detected that Tether Treasury has minted 2 billion USDT on the Ethereum network at around 1:07 am today. Although Tether CEO Paolo Ardoino commented, “Please note that this transaction is authorized but not yet issued, which means these funds will be used for future issuance needs and reserves for cross-chain exchanges.” In other words, this 2 billion USDT is not immediately flowing into the market but is inventory prepared in advance. However, the demand for inventory preparation alone implies that the funds flowing into the cryptocurrency industry are expected to increase.
Coincidentally, Whale Alert also monitored the addition of over 50 million USDC minted by USDC Treasury on the Ethereum chain last night, undoubtedly increasing confidence in the continuation of the market’s upward trend.
At the same time, the three major US stock indices reached new highs with slight gains, with Tesla rising by 8.96% and reaching a total market value of $1.1 trillion, surpassing TSMC and Alphabet, ranking sixth in the US stock market:
– The Dow Jones Industrial Average rose by 304.14 points or 0.69% to close at 44,293.13.
– The S&P 500 Index rose by 5.81 points or 0.1% to close at 6,001.35.
– The Nasdaq Composite Index rose by 11.99 points or 0.06% to close at 19,298.76.
– The Philadelphia Semiconductor Index fell by 134.13 points or 2.54% to close at 5,156.39.
Cryptocurrency-related stocks also experienced significant gains, including:
– Canaan Inc., a manufacturer of ASIC mining machines, rose by 41%.
– MicroStrategy, the dominant holder of Bitcoin, rose by 25% and its stock price surged past $340, reaching a new high.
– Coinbase, the largest cryptocurrency exchange in the United States, rose by 19%.
