Bitcoin Advances Above $48.6K As Buyers Regain Momentum
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have overcome the sluggishness experienced in early February and are pushing higher as buying activity has regained momentum.
Bitcoin (BTC) price crossed the key hurdle above $48,600 as the U.S. based spot bitcoin exchange traded funds (ETFs), continued to receive huge net inflow. It recently changed hands at $48,623 up 1.9%.
The losses incurred post-ETF approval are almost wiped off, with Bitcoin now reaching level witnessed during the ETF approval week. The downturn period was driven by institutional selling to capitalize on the ETF-induced demand surge.
Due to increased buying activity the Bitcoin held under various spot bitcoin ETFs, excluding Grayscale’s GBTC, surpassed the number of Bitcoin held by MicroStrategy.
The rub off effect was seen on
Ethereum (ETH), the second largest cryptocurrency. It managed to push through the strong resistance level of $2,500. ETH recently traded at $2,515 up 0.4%. The date for the Dencun upgrade – the much touted proto-danksharding was announced. March 13, is the date when the blockchain will move to the cost effective layer 2 network.
The broader altcoin markets, on the other hand, maintained a somber tone. Exception being XRP and Chainlink tokens, trading in the green.
The global crypto market cap increased 0.93% to $1.81 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 11.8% to $45.6 billion. Total volume in DeFi is currently $4.6 billion, and all stablecoins are $40.7 billion, representing 10% and 89.2%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.4%, up 0.27% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 1.6% to 61,363.
Meanwhile, the number of Bitcoin addresses in profit has now crossed over 90%. According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches.
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