Crypto market cap hits $2.51 trillion as Bitcoin price nears $72,000
Crypto market cap rose 2.4% to $2.51T Friday, with Bitcoin up nearly 4% toward $72,000 on a sharp oil drop, ongoing spot ETF inflows and short liquidations.
The global crypto market value rose 2.4% to $2.51 trillion on March 13, with Bitcoin up nearly 4% toward $72,000. Ethereum gained about 4.3% to around $2,100. BNB, XRP, Solana and Dogecoin added roughly 2.8%, 3.2%, 3.8% and 4.9%.
The advance diverged from U.S. equities. The Dow Jones Industrial Average fell 739 points, or 1.56%, during regular trading. The S&P 500 and Nasdaq-100 dropped by 103 points and 431 points.
Energy prices retreated. Brent crude declined more than 7% on March 13 after reaching multi-year highs earlier in the week.
Leveraged positioning affected intraday moves. Exchanges liquidated an estimated $252 million in derivatives positions during the day, mostly from shorts. The largest liquidation order was a $4.24M BTC-USD position on Hyperliquid. Open interest across crypto futures increased by about 5.2%.
Spot exchange-traded funds continued to attract inflows. According to data from SoSoValue, spot Bitcoin ETFs posted net additions on March 12, the fourth straight day. Spot Ether funds saw inflows for three consecutive days. The Coinbase premium widened over the past 24 hours, with U.S. prices trading above offshore levels.
Earlier, Bitwise CIO Matt Hougan mapped a path to $1M Bitcoin if the coin captures a larger share of the global store-of-value market. He estimates that the market is just under $38 trillion, with Bitcoin currently representing less than 4% of it.
Geopolitical signals formed part of the backdrop. Indications of potential de-escalation in the Middle East, including recent comments by President Donald Trump suggesting the regional conflict could be nearing an end, coincided with the rebound.
Gains extended across large-cap tokens, and intraday volatility picked up alongside higher futures activity.
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