Bitcoin surged to $81,500 on Tuesday, its highest level since January, as the rally broadened into tokenization-focused assets. The largest cryptocurrency rose 2% in the past 24 hours and is now up 35% from its early February lows.
Ether, XRP, and Solana also gained, but lagged behind Bitcoin's pace.
Paul Howard of Wincent attributed the momentum to strong demand for spot Bitcoin ETFs. Over $500 million flowed into funds led by BlackRock and Fidelity on Monday, signaling continued institutional interest.
Howard said sentiment will likely stay positive unless geopolitical conditions worsen.
Tokenization-bringing traditional assets onto blockchain rails-is driving notable gains. Bullish jumped 12% after announcing the $4.2 billion acquisition of transfer agent Equiniti. Analyst Owen Lau of Clear Street called it a strategic pivot from crypto exchange to capital markets infrastructure provider.
Galaxy Digital rose 3.6% after unveiling a tokenized cash-management fund with State Street. Centrifuge's CFG token surged 15% after Coinbase partnered with the protocol and took an equity stake.
The tokenized asset market is projected to reach $18.9 trillion by 2033, according to Ripple and BCG.
Not all crypto stocks rallied: Circle and Coinbase slipped 3-4%.
Meanwhile, the Nasdaq 100 climbed 1.2% to a record, and the S&P 500 advanced 0.8%.