Bitcoin's market cap is approaching $1 trillion, while Ether trades at $2,500.
This has been a strong week for the crypto market, with eight of the top 10 tokens by market capitalization posting solid gains over the past seven days.
Bitcoin is currently trading around $47,600, after briefly surpassing the $48,000 mark earlier today, and is up 10.7% this week. The company's market capitalization is nearing the $1 trillion milestone, with Coingecko reporting it at $934 billion.
Ethereum is trading at $2,500, up 9% in the past seven days. The market capitalization of this network is over $300 billion at the time of writing.
The top 10 tokens that are not stablecoins have all benefited. Binance Coin (BNB) took third place, increasing in price by 7.4% in the past 7 days, trading at $322.
Among the top 100 digital assets, Solana memecoin BONK and layer 1 blockchain Sui were the best performing tokens today, registering gains of 21% and 18%, respectively. Meanwhile, AI project Bittensor rose 15% to $508.
Spot Bitcoin ETF attracts $400 million
What appears to be driving short-term gains is increased investor interest in spot Bitcoin ETFs. On February 8, net inflows into the sector reached $403 million, the highest level since January 17, when inflows exceeded $453 million.
Yesterday, Bitcoin demand from nine ETF providers reached 9,000 BTC. This is 10 times more Bitcoin than is issued daily as a block reward.
According to Bloomberg analysts james seifert, 8 out of 9 providers received money yesterday. Fidelity's FBTC assets under management exceed $3 billion, and Grayscale's GBTC outflow streak continues at $101 million.
