Bitcoin’s daily closing price achieved an all-time high of $68,463, marking a historical milestone on March 9.
As of this writing, Bitcoin is trading at about $69,415, just shy of the $70,000 threshold. This increase is indicative of a larger pattern of rising confidence and investment in the digital currency industry.
Market dynamics and Bitcoin’s dominance
At now, the combined market value of all cryptocurrencies is $2.76 trillion, with Bitcoin holding a 49% market share.
Because of the present price of bitcoin, all of its holders are making money. The leading cryptocurrency is very close to hitting its previous all-time high. 52.25 million addresses in particular are making money off of their Bitcoin holdings.
Based on statistics from IntoTheBlock, the total amount of transactions that exceeded $100,000 in the previous week was $184.06 billion. This demonstrates strong market activity, mostly from the West.
The success of Bitcoin exchange-traded funds (ETFs) is largely responsible for the extraordinary price spike in Bitcoin. For example, in terms of Bitcoin holdings, BlackRock’s IBIT has already exceeded MicroStrategy (MSTR).
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Cryptocurrency liquidations: Closer look
In the midst of Bitcoin’s success, the larger cryptocurrency market has seen large liquidations. $138.63 million worth of liquidations have occurred in the last 24 hours alone, with long holdings accounting for a larger share of these.
One of the biggest cryptocurrency exchanges, Binance, disclosed $6.84 million in liquidations, with a noticeable preference for short positions, which accounted for 62.54% of the total. Similarly, total liquidations on OKX, a significant exchange, were $5.72 million, with short holdings accounting for 58.45% of all positions.
