The market’s top two cryptocurrencies lead the charge as the weekend begins, setting new all-time highs as the week’s best performers settle.
The Pair in Charge
First-mover Bitcoin (BTC) took its first-place rank in the cryptocurrency market seriously today, setting a new all-time high of $57,851.30 just hours ago.
BTC now has a market capitalization of $1.063 trillion, another record high. The astronomical performance is attracting investors from all round, both retail and institutional.
In fact, there are growing concerns that an inevitable supply shortage looms.
The market’s second most valuable cryptocurrency, Ethereum (ETH), is not far behind. Earlier today, ETH smashed records, breaking above the $2,000 mark for the first time in its history.
While ETH holders are likely to be delighted with the second cryptocurrency breaking this frontier, the rise in gas fees is already concerning to users.
Indeed, the top pair may have taken some of the momenta away from the week’s top performers. After topping $300 for the first time yesterday, before hitting an all-time high of $339.94, Binance Coin (BNB) is seemingly taking a breather as the weekend begins.
A Future Indication
Interestingly, traders seem to be choosing to buy and hold over opening leveraged positions.
BeInCrypto reported earlier that the funding rate for BTC denominated perpetual swaps across major exchanges, remained low at 0.05%.
This also suggests shorters have not yet found a suitable entry for the top cryptocurrency, indicating the market expects more heights.
ETFs Gain Traction
Confirming this sentiment, it was revealed that newly launched BTC exchange-traded funds (ETFs) saw record investments last week.
After winning approval from regulators on Feb. 11, the Purpose Bitcoin ETF, hosted by Canadian firm Purpose Investments, gained over $400 million in assets under management (AUM) after just two days of trading.
Moreover, several other ETFs have either launched or are seeking approval to launch on the Toronto Stock Exchange (TSX).
The interest in BTC ETFs indicates a move towards the cryptocurrency market by seasoned institutional investors.
Regulators Are Still Concerned
Despite the seeming seal of approval from “smart money” investors, regulators remain cautious. U.S. Treasury Secretary Janet Yellen recently reiterated concerns about the top cryptocurrency’s volatility, calling BTC “highly speculative”.
Moreover, the Securities and Exchange Commission’s (SEC) case against Ripple Labs still looms over the space with a hearing scheduled in two days.
The results of this case could impact the classification of cryptocurrencies in the United States.
At least for now, the prospect is doing no harm to the cryptocurrency market. Bitcoin seems to carry on with a moon-targeted rally.
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