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On March 9, Bitcoin reached a historical milestone, with its daily closing price hitting an all-time high of $68,463.
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.
Market dynamics and Bitcoin's dominance
The total market capitalization of all cryptocurrencies currently stands at $2.76 trillion, with Bitcoin commanding a 49% market dominance.
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.
According to IntoTheBlock data, 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.
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.
All this was bound to happen but not in eight weeks. Scary fast. https://t.co/1Bw5CpVEBP
— Eric Balchunas (@EricBalchunas) March 9, 2024
Cryptocurrency liquidations: Closer look
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.
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%.