On March 9, Bitcoin reached a historical milestone, with its daily closing price hitting an all-time high of $68,463.
At press time, Bitcoin is on the verge of breaking the $70,000 mark, trading at approximately $69,415. This surge reflects a broader trend of increasing investment and confidence in the digital currency market.
Market dynamics and Bitcoin's dominance
The total market capitalization of all cryptocurrencies currently stands at $2.76 trillion, with Bitcoin commanding a 49% market dominance.
Bitcoin's current price has ensured that 100% of its holders are profiting. The flagship cryptocurrency is just a hair's breadth away from its previous all-time high. Specifically, 52.25 million addresses are profiting from their Bitcoin holdings.
According to IntoTheBlock data, the transaction volume exceeding $100,000 in the past week amounted to $184.06 billion. This shows robust market activity predominantly from the Western hemisphere.
The unprecedented surge in Bitcoin's price can be significantly attributed to the success of Bitcoin exchange-traded funds (ETFs). For instance, BlackRock's IBIT has already surpassed MicroStrategy (MSTR) in terms of Bitcoin holdings.
Cryptocurrency liquidations: Closer look
Amid Bitcoin's triumph, the broader crypto market has experienced significant liquidations. In the past 24 hours alone, total liquidations amounted to $138.63 million, with a more considerable portion affecting long positions.
Binance, one of the leading cryptocurrency exchanges, reported $6.84 million in liquidations, with a notable lean toward short positions, which comprised 62.54% of the total liquidations. Similarly, on OKX, another major exchange, total liquidations amounted to $5.72 million, with short positions again prevailing at 58.45%.
Yuri Molchan
Arman Shirinyan
Mushumir Butt
