Bitcoin Surpasses $65,000 Mark, Other Cryptocurrencies Follow Suit
Date: 2024-03-04 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Surpasses $65,000 Mark
Bitcoin, the pioneer cryptocurrency, made headlines on Monday as its price soared past the $65,000 mark. This surge marked a 5.2% increase in value within the last 24 hours, as reported by CoinGecko.
Rise in Other Cryptocurrencies
Following Bitcoin's lead, Ethereum, the second-largest cryptocurrency by market capitalization, also experienced a 3.5% increase, reaching over $3520. Moreover, within the top 10 cryptocurrencies, Cardano (ADA) and Dogecoin (DOGE) demonstrated remarkable growth, with increases of 10% and 26.5%, respectively.
Market Dynamics and Trends
CoinGlass data revealed a significant increase in liquidations, totaling $246 million in the past 24 hours, with $160 million attributed to short positions. Additionally, the cryptocurrency fear and greed index reached 82, indicating extreme greed among investors.
Stablecoin Market Cap Surges
Amidst the market surge, the market capitalization of the USDT stablecoin reached a historic high of $100 billion, reflecting a 9% increase since the beginning of the year. This milestone places USDT's market cap on par with major corporations like BP and slightly surpassing Shopify.
Expert Insights and Outlook
Analysts from Matrixport had previously predicted Bitcoin's rise to $63,000 in March, attributing factors such as the halving event. However, recent data showed a significant outflow of funds from GBTC, reaching $598.9 million on February 29th, temporarily halting Bitcoin's five-day winning streak but closing the month with a substantial gain of 43.6%.
