The rising wave in cryptocurrencies continued unabated on Tuesday. Bitcoin rose to $81,500, reaching its strongest level since January. This movement was not limited to just major coins; There have also been remarkable increases in tokenization projects focusing on moving traditional financial assets to blockchain.
Intense interest in spot Bitcoin ETFs
It is stated that this activity in the markets is especially effective in the intense demand for spot bitcoin ETFs. According to Wincent executive Paul Howard, more than $500 million in new money entered spot Bitcoin funds managed by giants such as BlackRock and Fidelity on Monday. It is noted that the interest of institutional investors continues.
Howard stated that the positive atmosphere was largely due to the high demand for ETFs, and that this wind is expected to continue unless there is a major change in geopolitical risks.
Bitcoin gained another 2 percent in value in the last 24 hours. It has gained over 35 percent in total since the low levels in early February. Other major cryptocurrencies such as Ether, XRP and Solana also rose, but did not increase in value as sharply as Bitcoin. According to CryptoAppsy data, Bitcoin’s peak during the day was $ 81,500.
Tokenization and company news came to the fore
There is also renewed activity in tokenization projects that aim to move traditional financial assets to blockchain. CFG, the local token of the Centrifuge protocol, which stands out especially with its corporate collaborations, increased by 15 percent after the strategic partnership with Coinbase. It was reported that Coinbase made a direct investment in Centrifuge; In addition, it was announced that cooperation will be made in the project aiming to offer ETFs, loans and structured products on-chain.
Another important company operating in this space is crypto infrastructure provider Bullish. The company, known as the crypto exchange, added transfer agent Equiniti to its portfolio in a $4.2 billion acquisition and saw a 12 percent increase in share value. With this step, Bullish has moved towards becoming an infrastructure provider in capital markets. Analyst Owen Lau emphasized that Bullish is trying to lead the tokenization trend, rather than just being an exchange.
According to Owen Lau, it was stated that Bullish’s regular income potential increased with this acquisition, but what is important is the timing of the growth.
Another development came from Galaxy Digital. Galaxy Digital shares rose 3.6 percent after the company launched a tokenized cash management fund to be offered to large investors with State Street.
General outlook in the markets
With the increasing interest in crypto, the importance of the concept of tokenization has also grown. According to a prediction made by Ripple and Boston Consulting Group, it was calculated that the size of tokenized assets on the blockchain and including stablecoins could reach $18.9 trillion by 2033.
However, not all stocks in the sector took part in this rise. Shares of Circle and Coinbase, which are behind the USDC stablecoin, declined by 3-4 percent. This decrease showed that position changes between companies occur from time to time in the sector.
The rise in digital assets has also been reflected in broader equity markets. The tech-heavy Nasdaq 100 index rose as much as 1.2 percent, setting a new record. S&P 500 completed the session with a 0.8 percent increase.
