Ethereum

Litecoin

Bitcoin

when

Avalanche

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price surged past $70,000, recovering from a downturn influenced by negative inflows into Bitcoin ETFs.</li>
 <li>Altcoins experienced net inflows of $16 million last week, indicating a potential altcoin season.</li>
</ul>
<p>Bitcoin’s (BTC) price has surged past the $70,000 mark after a week of downturn, spurred by negative inflows into Bitcoin exchange-traded funds (ETFs).</p>
<p>Data shows that Bitcoin’s price rose from an opening of $67,212 to an intra-day high of $70,306 on March 25. At the time of reporting, Bitcoin was trading at $70,268, marking a 7.5% increase over the last 24 hours.</p>
<h2 id="bitcoin-s-recovery-and-etf-inflows">Bitcoin’s Recovery and ETF Inflows</h2>
<p>Bitcoin’s recovery follows a period of price downturn that saw the cryptocurrency fall to as low as $60,771. This downturn was supported by negative ETF inflows.</p>
<p>Last week marked the end of a 7-week cycle of inflows into crypto investment products, with investors withdrawing more than $942 million. This was the first outflow following a record 7-week run of inflows totaling $12.3bn.</p>
<p>The large outflows were attributed to the recent drawdown in crypto prices, which wiped $10bn off total assets under management (AuM). Despite this, AuM remained above prior cycle highs at $88bn.</p>
<h2 id="bitcoin-s-age-consumed-metric-and-altcoin-season">Bitcoin’s Age Consumed Metric and Altcoin Season</h2>
<p>Bitcoin has recently seen a significant increase in its Age Consumed metric. This metric tracks the movement of previously idle Bitcoin coins, indicating a revival in network activity.</p>
<p>Altcoins also fared well last week, seeing net inflows of $16m. Large-cap altcoins, including Polkadot (DOT), Avalanche (AVAX), and Litecoin (LTC), outperformed Bitcoin over the last week.</p>
<p>Despite Bitcoin’s 4.5% rise over the same period, it outperformed most altcoins, including Ethereum (ETH). The total crypto market was valued at $1.191 trillion, 43% below the peak reached in November 2021.</p>
<p>The weekly relative strength index suggests that the altcoin market still favors the upside. However, Bitcoin still dominated the market at 51.77%. An altcoin season can only be declared when 75% of the top 50 coins performed better than Bitcoin over the last season (90 days).</p>

Unveiling the Trio of Factors Boosting Bitcoin’s Value Today

Indice dei contenuti

crypto.ro global

Altri articoli pubblicati su 25 mar 2024

Meme Coin Markets Newest Darling Koala Coin (KLC) Attracts Stellar (XLM) and Cardano (ADA) for Re...

Hong Kong’s fight against fake crypto exchanges continues

DeFi fund, Texas apparel company sue to defend airdrop against SEC

Shiba Inu Takes Over The Internet: Google Searches Climb As Global Interest Surges

Algotech: A New Super Challenger In The Crypto Presale Arena Rivaling Optimism And Cardano

Philippines to block Binance exchange

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!