On March 9, Bitcoin reached a historic milestone, with its daily closing price reaching an all-time high of $68,463.
On March 9, Bitcoin reached a historic milestone, with its daily closing price reaching an all-time high of $68,463.
At press time, Bitcoin is on the verge of surpassing the $70,000 mark, trading at approximately $69,415. This increase reflects a broader trend of increasing investment and confidence in the digital currency market.
Market Dynamics and Bitcoin Dominance
The total market capitalization of all cryptocurrencies currently stands at $2.76 trillion, with Bitcoin holding 49% market dominance.
The current price of Bitcoin has ensured that 100% of its holders benefit. The flagship cryptocurrency is one step away from reaching its previous all-time high. Specifically, 52.25 million addresses are benefiting from their Bitcoin holdings.
According to IntoTheBlock data, the transaction volume that exceeded $100,000 in the last week amounted to $184.06 billion. This shows strong market activity predominantly from the Western Hemisphere.
The unprecedented rise in the price of Bitcoin can be significantly attributed to the success of Bitcoin exchange-traded funds (ETFs). For example, BlackRock’s IBIT has already surpassed MicroStrategy (MSTR) in terms of Bitcoin holdings.
Cryptocurrency Settlements: A Closer Look
Amid Bitcoin’s triumph, the broader crypto market has seen major selloffs. In the last 24 hours alone, total liquidations amounted to $138.63 million, with a larger portion affecting long positions.
Binance, one of the leading cryptocurrency exchanges, reported liquidations of $6.84 million, with a notable tilt towards short positions, which accounted for 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%.
