Bitcoin price surpasses $58,000 amid tech stock rally

The world’s first cryptocurrency Bitcoin (BTC) jumped well above $58,000 earlier today, as technology stocks saw a resurgence.

CoinMarketCap data shows that on Sept. 12 Bitcoin’s price rose to a high of nearly $58,500. Over the 24 hours before writing, the price rose by 2.35% and corrected back down to $57,700.

Farside Investors data shows that United States Bitcoin spot exchange-traded funds (ETFs) data shows that on Sept. 11 this category of product has bled a considerable amount of capital. Sept. 11 saw nearly $44 million leave the U.S. Bitcoin spot ETF market, while the day before saw a net inflow of $117 million.

CoinMarketCap’s global charts show that over the last 24 hours the total crypto market cap went from $2 trillion to $2.03 trillion. This is equivalent to a $30 million capital injection for the crypto market.

The rally in the crypto market was anticipated by an updraft in the technology stock sector. Market data shows that AI-driven chipmaker Nvidia ended the day with a 8.2% hike, while Microsoft, Google an Apple saw appreciations of up to 2.13%.

Asia’s stock market also saw major appreciation as Japan, Taiwan and South Korea-based indices rose. Japan’s Nikkei 225 saw green for the first time after losing for a week straight.

Ethereum (ETH) did not share Bitcoin’s good fortune today. CoinMarketCap data shows that despite a mid-day increase to a high of nearly $2,400, ETH is trading at just over $2,300 after losing 0.6% over the last 24 hours.

The same cannot be said about Sui (SUI), which far surpassed Bitcoin’s gains today. The developer-friendly blockchain’s token appreciated by 15.57% over the 24 hours by time of writing, reaching the current price of $1.02.

The raise follows crypto asset manager Grayscale announcing a Sui Trust on Sept. 11. The announcement read:

“Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.”

The development follows Sui being included on our mid-June underrated gems list of crypto investments.

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