The global digital assets market closed the first quarter of 2024 with a bullish trend. The total market cap, which was around $1.66 trillion on January 1, 2024, has now surged to over $2.7 trillion by April 1, 2024. This significant increase is fueled by positive developments related to Bitcoin (BTC) during the past three months.

Bitcoin Sets Sights on New Records

At the beginning of 2024, Bitcoin started trading above $42,000 amid expectations for the approval of a spot crypto Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).

After receiving approval from the Commission, Bitcoin has been breaking records, with only two instances of falling below $40,000 after SEC's acceptance.

Currently, Bitcoin's average price stands at $70,744. The price of BTC has surged by approximately 71% in the first quarter, reaching an all-time high of $73,750 on March 14, 2024, signalling strong bullish sentiments in the market. Bitcoin now holds a market cap of $1.37 trillion.

Ethereum Trends Alongside Bitcoin

Ethereum (ETH), the leading altcoin, mirrors Bitcoin's performance by experiencing a price surge of over 77% in the same period. From starting the year 2024 at $2,025, ETH is now trading at an average price of $3,550.

While Ethereum is still 27% below its all-time high of $4,891 from November 2021, it reached $4,066 on March 12, 2024. Ethereum is also seeking approval for an ETF.

Reports indicate an increased interest in crypto options trading from clients of Goldman Sachs in 2024. This surge follows the approval of spot bitcoin ETFs in the US, attracting participation from hedge funds, asset managers, and digital asset firms. Goldman Sachs now offers options trading for bitcoin and ether, in addition to CME-listed futures.

Interestingly, meme coins like dogwifhat (WIF) and BONK, based on Solana, emerged as top performers in the first quarter. WIF saw a price increase of 2213% in the last 90 days, while PEPE also gained traction in the meme category.