What Happened in the Crypto Market on 2024 Valentine's Day?

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The 2024 Valentine’s Day marked another eventful 24 hours in the crypto market, with several market participants recording wins and/or losses.

From Starknet surprising community members with the STRK token retroactive airdrop to Bitcoin (BTC) tapping $52,000 and reclaiming the $1 billion market cap, here are some of the key happenings in the crypto space on the 2024 Valentine’s Day. 

Starknet Unveilss STRK Airdrop Allocation 

The ZK-Rollup layer-2 network Starknet introduced its so-called Provisions Program on Wednesday, marking round one of its much-anticipated Starknet Token (STRK) airdrop distribution and transition into another phase of decentralization. 

Earmarking 1.8 billion STRK to the community, the Starknet Foundation is set to allocate over 700 million STRK to an estimated 1.3 million addresses during the first round of the retroactive airdrop

Eligible users will be able to claim their STRK tokens between February 20 and June 20, 2024. Recipients of the STRK airdrop comprise consistent Starknet users, developers, community contributors, StarkEx users, Ethereum protocol contributors and stakers and developers of select non-crypto open-source projects per the announcement.

Bitcoin Reaches Two-Year High, Reclaims $1 Trillion Market Cap

The leading cryptocurrency Bitcoin was among the top-performing assets in the crypto market on the 2024 Valentine’s Day, alongside Jupiter Exchange native token JUP, Ether (ETH), Cardano (ADA), Solana (SOL) and several AI cryptocurrencies

Remarkably, BTC surpassed the $52,000 level for the first time since December 2021. Marking both a two-year and yearly high for the cryptoasset, this positive price action also pushed Bitcoin’s market valuation above $1 billion for the first time since late 2021. 

At the time of writing, BTC boasts a market capitalization of $1,016,087,816,357, with over 40.9 billion BTC tokens traded in the last 24 hours across several crypto exchanges. Accordingly, the global crypto market cap spiked by 4% on the 2024 Valentine’s Day per Coingecko data, surpassing $2.03 trillion. 

While trading for $51,735 per BTC at press time, bitcoin is up over 4.5% and 21% in the last 24 hours and 30 days, respectively. With rising institutional adoption, whale activity and massive spot bitcoin ETF inflows, analyst van der Poppe speculates that bitcoin could reach the 54k-$58k level pre-halving as a potential peak. 

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