2024

Candle

Bitcoin

Daily

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<p>On March 9, Bitcoin <a href="https://www.tradingview.com/chart/yAgtHh3T/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">reached</a> a historical milestone, with its daily closing price hitting an all-time high of $68,463.</p>
<p>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.</p>
<h2 id="market-dynamics-and-bitcoin-s-dominance">Market dynamics and Bitcoin's dominance</h2>
<p>The total market capitalization of all cryptocurrencies currently stands at $2.76 trillion, with Bitcoin commanding a 49% market dominance.</p>
<p>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.</p>
<p>According to IntoTheBlock <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data</a>, 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.</p>
<p>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.</p>
<blockquote>
 <p lang="en" dir="ltr">All this was bound to happen but not in eight weeks. Scary fast. <a href="https://t.co/1Bw5CpVEBP" rel="noopener noreferrer nofollow">https://t.co/1Bw5CpVEBP</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1766601592579477673?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 9, 2024</a>
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<h2 id="cryptocurrency-liquidations-closer-look">Cryptocurrency liquidations: Closer look</h2>
<p>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.</p>
<p>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%.</p>

Bitcoin's Daily Candle Closes at All-Time High

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