#market Cryptocurrency market capitalization dips 1.3% to hit $2.9 trillion on Tuesday, with market indicators showing capital rotation toward memecoins.

Memecoin sector valuation has crossed the $62 billion mark, adding 9.2% within the last 24 hours.

Trump's emphatic support of the official TRUMP token launched at the inauguration has reignited investor confidence in memecoins this week.

Bitcoin market updates:

Bitcoin’s price tumbled 2% to settle at $86,000 at press time on Wednesday after another unsuccessful attempt at breaching the $90,000 resistance.

Bitcoin’s dip outpaces the 1.3% decline in the global crypto market, signaling that investors are rotating capital from BTC towards altcoins.

Bitcoin ETFs continued their buying spree on Tuesday, with another $26.8 million inflow.

Bitcoin ETF Flows | Source: SosoValue

Since March 14, Bitcoin ETFs have entered eight successive days of inflows, with over aggregate deposits of $887.47 million recorded during that period.

On Tuesday, BlackRock announced the launch of its first Bitcoin exchange-traded product in Europe. At press time, Blackrock’s IBIT BTC ETF net assets stand around $50.8 billion.

Many anticipate that BlackRock’s foray into Europe could increase institutional demand for BTC.