Bitcoin BTC topped the $110,000 mark for the first time since June 11 after more than $407.78 million flowed into U.S.-listed bitcoin spot ETFs on Wednesday and before a key U.S. jobs report due later in the day.
The ETF inflow boosted the lifetime tally to $49.04 billion, according to data source SoSoValue.
BTC's upswing brought cheer to the broader market, lifting major tokens such as XRP (XRP), ether (ETH), SOL (SOL) and ADA (ADA). Standout gainers were memecoins BONK and FARTCOIN, which boasted 24-hour gains of over 20%, a sign of increased investor willingness to take risk. The CoinDesk Memecoin Index gained 12.6% while the CoindDesk 20 Index of the largest tokens rose 4.3%.
Traders are looking toward the U.S. nonfarm payrolls data due for release later Thursday while maintaining the constructive outlook.
"The historical high of around $112K, set at the end of May, may be tested for strength or updated before the end of this week, given the fairly high risk appetite in global markets. However, it is worth remembering that the monthly U.S. employment report, due later Thursday, could serve as both a catalyst and an insurmountable obstacle," Alex Kuptsikevich, chief market analyst at the FxPro said in an email.
The surge of Bitcoin above $10K thresholds is an astounding feat, while the unexpected gains by BONk and FartCoin exceeding 25% within a short period exemplifies new-age investment speculations in crypto markets.
While Bitcoin reclaims the $10K+ milestone, lesser-known tokens like BONKeconomic jokes coins (such as FARTCOIN) score notable gains of over 24%, ushering in a playful side effect during serious crypto rallies.
