Bitcoin

Million

Spot

Over the past few years, cryptocurrencies’ popularity has suddenly surged globally. Bitcoin is the only crypto dominating over 50% of the market. A major difference is seen post spot ETFs approval.
Bitcoin (BTC), the market pioneer, has most recently traded at its all-time high. However, the spike game was over in a few hours. When writing, it was trading at $67,983, with an intraday decline of 7.41%.&nbsp;
BTC’s highest trading price is $73,750, achieved on March 14, 2024. The price at press time was 8.33% lesser.
According to <a href="https://www.thecoinrepublic.com/2022/04/30/ripples-xrp-is-categorized-as-just-a-impostor-cryptocurrency-by-coinmarketcap/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>, there are 42.09 Million addresses that hold $0- $1k Bitcoins. However, the number of wallets that hold $100k BTC is 683.61k.
Compared to other years in 2024, a significant boost has been observed in the total number of Bitcoin holders. As of March 12, 2024, there were 452.61k whales holdings, 1.70 Million Investors, and 17.51 Million retail.&nbsp;
There has been a neck-to-neck competition between Binance and Coinbase for Bitcoin trading volume for the past few years. Binance is the highest Bitcoin trading volume contributor in spots, and Bitunix leads the perpetual trading of BTC.&nbsp;
In the past few years, a primary pump in the market capitalization of Bitcoin has been seen; when writing, it was $1.33 Trillion. Between March 13 and 14, the market cap of the most prominent crypto firm reached $1.44 Trillion.&nbsp;
<h2 class="wp-block-heading" id="strong-reason-behind-downfall-strong">Reason Behind Downfall!</h2>
Despite an inflow of funds in the Bitcoin ecosystem from spot ETF, a significant outflow of funds has been observed in the past few days.&nbsp;
BitMEX Research observed that the Grayscale spot ETF has suffered a severe outflow for the past few months. However, a record outflow of funds was seen on March 11, 2024, when Bitcoin peaked.
In the early days of approval, the spot ETF gathered significant attention, and billions of dollars were injected into the BTC ecosystem. Moreover, thousands of news addresses have started holding Bitcoin since January 2024.
<h2 class="wp-block-heading" id="strong-quarterly-bitcoin-hashrate-report-strong">Quarterly Bitcoin Hashrate Report</h2>
The Bitcoin hash rate has surged significantly in the past three months and reached 780.17 EH/s on March 07, 2024. The record was one of the highest hashrate in one quarter.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/0zB09hnH1YV10L6Lj5WEj65Sx8mKyItdmEGPSOoC9ZBSvjmF2c_JIMywYKNFszQOWwIPW0ExXLI0gBWuLYKxdek4WdzusoPrkX-PWnRNNlqZi5CG3CqLDj7opvjUo_WUeRqTVPVdJ3tkfBea9MLLnzA" alt=" Bitcoin ">
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 Source: Blockchain
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As per the whitepaper, Bitcoin’s hashrate is the calculated value that specifies an estimate of how much hashrate is being generated by Bitcoin miners trying to solve the pending Bitcoin block or any other block.&nbsp;
In simple words, Bitcoin hashrate calculates the difficulty of solving an individual block. On February 26, a significant spike in the hash rate was seen when it suddenly reached above 700 EH/s from 631.2389 EH/s a day earlier.&nbsp;
The hashrate is measured in units Hash (H/s), KiloHash (kH/s), MegaHash(MH/s), GigaHash (GH/s), TeraHash (TH/s), PetaHash (PH/s), ExaHash (EH/s), ZettaHash (ZH/s) and YottaHash (YH/s) is the highest measurement unit.&nbsp;
The bitcoin hashrate was 544.97 EH/s as of writing.&nbsp;
<h5 class="wp-block-heading">Disclaimer</h5>
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;

Analysts Claim Outflow in Spot ETFs Dragged Bitcoin Below $70k!

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Thecoinrepublic.com

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