Bitcoin Zooms Past $68K; Ether Hits New Milestone
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are witnessing bizarre trading sessions these days. The seemingly unstoppable momentum in the frontline tokens is not just looking to take out previous record levels but now posing a challenge to dominance of other assets as well.
Bitcoin (BTC), the largest cryptocurrency by market, continued with its quest to shatter its all time high of $69,000 level registered in 2021. It is currently trading at $68,093 up 7.3% and its current market cap is not far from that of Silver’s at $1.4 trillion.
Further, a new all-time high on the BTCUSD trading pair is less than 2% away. The crypto bulls are on a rampage. They have taken a complete control of the market by sending Bitcoins market cap to new high of around $1.33 trillion. Remember, the previous peak was squarely set at $1.3 trillion back in December 2021, just prior to the top cryptocurrency falling into the troughs of a bear market.
The latest price action has also squeezed bitcoin shorts – trading positions betting on lower prices – forcing liquidation of leveraged bets worth $120 million during the day, predominantly shorts, CoinGlass data shows.
Broader VDA market is witnessing mixed trend.
Ethereum (ETH), the second-largest crypto asset, has surpassed $3,600 mark. It recently exchanged hands at $3,622 adding 3.7% over the last 24-hours.
Other large tokens such as Binance’s BNB, Solana’s native token (SOL), Caradano (ADA), Ripple’s XRP and meme coins such as Dogecoin, SHIB, etc continue to sizzle.
The global crypto market cap increased 5.7% to $2.52 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 75.8% to $171.7 billion. Total volume in DeFi is currently $10.95 billion, and all stablecoins are $153.5 billion, representing 6.4% and 89.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.26%, up 1.04% over the day.
The IC15 index, the barometer of the top fifteen tokens, surges 5.6% to 85,965.
Meanwhile, the buying frenzy in spot Bitcoin exchange traded funds (ETFs) – the “new born nines” is showing no signs of slowing. BlackRock’s iShares Bitcoin Trust (IBIT) surpassed $2.1 billion in trading volume. IBIT was the seventh most-traded ETF during the day, toppling the first and largest U.S.-listed gold ETF – the SPDR Gold Shares – in volume despite being fifth of its size by assets under management (AUM).
Markus Thielen, founder of 10xResearch, in a market report said that bitcoin’s price action will “astonish” this week, probably reaching a new all-time highs this week as demand expanded to outside of the U.S. and ETF inflows will continue to be strong.
You need to login in order to Like
