The digital currency market has surged to a valuation of $1.74 trillion in the past 24 hours, with bitcoin climbing above the $45K threshold. Over the recent day, the market experienced a 4.65% increase in comparison to the U.S. dollar, and global trading volume saw a substantial 20% rise from Monday.
Crypto Economy Climbs to $1.74 Trillion; Bitcoin Hits $45K in ETF Speculation and Pre-Halving Optimism
Fueled by the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week, the crypto sector has seen a 4.65% growth in the last 24 hours. Bitcoin (BTC) achieved a peak of $45,922 during the day but has since receded to the vicinity of the $45,500 range after reaching that peak. The entire lot of top ten crypto assets have witnessed gains with solana (SOL) leading the pack by more than 8%.
Bitcoin has risen 6.4% while ethereum (ETH) spiked 4% higher on Tuesday at 8 a.m. Eastern Time (ET). Bitcoin’s market valuation dominates the market by 50.8%, while ether’s market cap accounts for 16.5% of the $1.74 trillion crypto economy. Bitcoin’s rise above the $45K range caused a tidal wave of nearly $84 million in short liquidations according to coinglass.com statistics.
Ethereum shorts saw $25.96 million wiped out and solana (SOL) short positions witnessed $10 million erased. Tuesday’s jump further saw double-digit gains from sei (SEI), astar (ASTR) and ordi (ORDI) recording gains between 15% to 22% over the past day. All three are also up between 24% to 55% against the greenback over the past seven days.
The three biggest losers today, despite the broad market rise, were bitcoinsv (BSV), helium (HNT), and maker (MKR) shedding between 2.8% to 6.3%. As the market awaits the anticipated approval of a spot bitcoin ETF in the United States, optimism fuels the recent market surge. With bitcoin breaching the $45K mark, the upcoming halving in April looms, promising to bolster its value further. This event, coupled with regulatory and technological advancements, paints a bullish picture for crypto’s future.
What do you think about the crypto economy’s market action this week? Share your thoughts and opinions about this subject in the comments section below.
via Jamie Redman
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